In any determination of the financial condition of any insurer there shall be allowed as assets only such assets as belong wholly and exclusively to the insurer, which are registered, recorded, or held under the insurer’s name, and which consist of— (1) cash in the possession of the insurer or in transit under its control, […]
In addition to assets impliedly excluded under section 501 of this title the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) goodwill, trade names, agency plants and other like intangible assets; (2) prepaid or deferred charges for expenses and commissions paid by the insurer; […]
In any determination of the financial condition of an insurer, 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 chapter, necessary to pay all of its unpaid losses and claims incurred on or prior to […]
(a) With reference to insurances against loss or damage to property, except as provided in section 505 of this title and with reference to all general casualty insurances, disability insurance except as provided in section 506 of this title and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. […]
With reference to marine and transportation insurance, premiums on trip risks not terminated shall be deemed unearned and the Commissioner may require the insurer to carry a reserve thereon equal to 100 percent on trip risks written during the month ended as of the date of statement and computed upon a pro rata basis or, […]
(a) The legal minimum standard for computing the active life reserve, including the unearned premium reserve of noncancellable disability policies shall be based on Conference Modification of Class III Disability Experience with interest at not to exceed 3 ½ percent per annum on the full preliminary term basis. (b) For policies with a waiting period […]
An insurer shall maintain a complete and itemized record showing all losses and claims as to which it has received notice, including with regard to property, casualty, surety, and marine and transportation insurances, all notices received of the occurrence of any event which may result in a loss.
(a) If the Commissioner determines that an insurer’s unearned premium reserves, however computed, are inadequate, he may require the insurer to compute such reserves or any part thereof according to such other method or methods as are prescribed in this chapter. (b) If the loss experience of an insurer shows that its loss reserves, however […]
The reserves for outstanding losses and loss expense under policies of personal injury liability insurance and under policies of employer’s liability insurance shall be computed as follows: (1) for all liability suits being defended under policies written: (A) ten years or more prior to the date of determination, $1,500 for each suit; (B) five or […]
(a) All unallocated liability loss expense payments shall be distributed as follows: (1) if made in a given calendar year subsequent to the first four years in which an insurer has been issuing liability policies, 35 percent shall be charged to the policies written that year, 40 percent to the policies written in the preceding […]
Any insurer transacting liability insurance shall include in its annual statement filed with the Commissioner, a schedule of its experience thereunder in such form as the Commissioner may prescribe.
“Loss payments” and “loss expense payments” as used with reference to liability insurance shall include all payments to claimants, payments for medical and surgical attendance, legal expense, salaries and expenses of investigators, adjusters and claims field men, rents, stationery, telegraph and telephone charges, postage, salaries and expenses of office employees, home office expenses and all […]
(a) This section constitutes and may be cited as the Standard Valuation Law. (b) Annual valuation: The Commissioner shall annually value, or cause to be valued, the reserve liabilities (hereinafter called reserves) for all outstanding life insurance policies and annuity and pure endowment contracts of every life insurer doing business in this territory, except that […]
(a) An insurer may take credit for reserves on risks ceded to a reinsurer to the extent reinsured, except that no credit shall be allowed, as an asset or as a deduction from liability, to any ceding insurer for reinsurance unless the reinsurance is payable by the assuming insurer on the basis of the liability […]
(a) All bonds or other evidences of debt having a fixed term and rate 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 above or below par, on the basis of […]
(a) Securities, other than those referred to in section 515 of this title, held by an insurer shall be valued, in the discretion of the Commissioner, at their market value, or at their appraised value, or at prices determined by him as representing their fair market value, all consistent with any current method for the […]
(a) Real property acquired pursuant to a mortgage loan or a contract for a deed, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with […]
Purchase money mortgages shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of such real property, whichever is less.
The Commissioner may consider the following standards, either singly or as a combination of two or more, to determine whether the continued operation of any insurer transacting an insurance business in this Territory may be hazardous to its policyholders, creditors or the public: (1) Adverse findings reported in financial condition and market conduct examination reports, […]
(a) For the purposes of making a determination of an insurer’s financial condition under section 519, the Commissioner may: (1) disregard any credit or amount receivable resulting from transactions with a reinsurer that is insolvent, impaired or otherwise subject to a delinquency proceeding; (2) make appropriate adjustments including disallowance to asset values attributable to investments […]
