§ 20-505 – Liabilities
20-505. Liabilities In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: 1. The amount of its capital stock outstanding, if any. 2. The amount, estimated consistent with the provisions of this title, necessary to pay all of its unpaid losses and claims […]
§ 20-506 – Unearned premium reserve
20-506. Unearned premium reserve A. With reference to insurance against loss or damage to property, except as provided in section 20-507, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. B. The director may require that the reserves be equal […]
§ 20-507 – Unearned premium reserve for marine insurance
20-507. Unearned premium reserve for marine insurance With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the director may require the insurer to carry a reserve thereon equal to one hundred per cent on trip risks written during the month ended as of the date of statement.
§ 20-508 – Reserves for disability insurance
20-508. Reserves for disability insurance For all disability insurance policies the insurer, in addition to claim reserves, shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and be not less than the amounts that are necessary to assure payment of its policyholder obligations including reserves for […]
§ 20-509 – Increase of inadequate reserves
20-509. Increase of inadequate reserves A. If the director determines that an insurer’s unearned premium reserve, however computed, is inadequate, the director may require the insurer to compute the reserve or any part of the reserve according to methods prescribed in this article. B. If the loss experience of an insurer shows that its loss […]
§ 20-510 – Standard valuation law; operative date; definitions
20-510. Standard valuation law; operative date; definitions A. This section may be cited as the standard valuation law. B. For the purposes of this section, the following definitions apply on or after the operative date of the valuation manual: 1. " Accident and health insurance" means contracts that incorporate morbidity risk and provide protection against […]
§ 20-511 – Valuation of bonds; limitation
20-511. Valuation of bonds; limitation A. All bonds or other evidences of debt having a fixed term and rate of interest and held by any insurer may, if amply secured and not in default as to principal or interest, be valued as follows: 1. If purchased at par, at the par value. 2. If purchased […]
§ 20-512 – Valuation of other securities
20-512. Valuation of other securities A. Securities, other than those referred to in section 20-511, held by an insurer shall be valued, in the discretion of the director, at their market value, or at their appraised value, at prices determined by the director as representing their fair market value but shall not be valued in […]
§ 20-512.01 – Valuation of joint ventures, partnerships and limited liability companies
20-512.01. Valuation of joint ventures, partnerships and limited liability companies Joint ventures, partnerships and limited liability companies shall be valued based on the underlying equity reported in the entity’s financial statements pursuant to the accounting practices and procedures manual adopted by the national association of insurance commissioners.
§ 20-513 – Valuation of real and personal property
20-513. Valuation of real and personal property A. Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the director to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date […]