In any determination of the financial condition, including whether an asset is allowable, of a domestic insurer, domestic title insurer, or other domestic regulated entities reporting to the Insurance Commissioner, including health maintenance organizations, hospital or medical service corporations, farmers’ mutual aid associations or companies, and other licensees, all hereinafter called “reporting entities” for purposes […]
Assets may be allowed as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets. Deductions from assets may be charged as liabilities in accordance with the National Association of Insurance Commissioners’ publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”.
Assets not allowed shall be those so referenced or described as nonadmitted in the National Association of Insurance Commissioners’ publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”, unless otherwise specified in this subchapter.
In any determination of the financial condition of a reporting entity, liabilities shall include definitions and amounts specified in the National Association of Insurance Commissioners’ publication as it existed on January 1, 2001, entitled the “Accounting Practices and Procedures Manual”.
In the event of a conflict as to treatment of assets between § 23-63-601 et seq. and § 23-63-801 et seq., § 23-63-601 et seq. shall govern.
Assets of reporting entities shall be valued in accordance with the following: (1) Bonds and securities shall be valued in accordance with the methods specified in the National Association of Insurance Commissioners’ publication as it existed on January 1, 2001, entitled the “Valuation of Securities Manual”, prepared by the Securities Valuation Office; (2) Shares of […]
(a) It is the intention of this act to allow the Insurance Commissioner to adopt rules to modernize and harmonize the financial accounting laws of this state governing assets and liabilities of domestic reporting entities as defined. This act requires domestic health maintenance organizations, domestic title insurers, and other types of domestic licensees to modernize […]
(a) (1) The Insurance Commissioner is authorized to employ the standards and requirements set forth in publications recited in this subchapter and adopted and published by the National Association of Insurance Commissioners, including, but not limited to, those listed in this subchapter. (2) The publications identified in subdivision (a)(1) of this section are hereby adopted […]
(a) In addition to an adequate reserve as to outstanding losses, a domestic title insurer shall maintain its own guaranty fund or unearned premium reserve of no less than ten percent (10%) of the total amount of the risk premium written in the calendar year for title insurance contracts, which shall be assigned originally to […]
