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2017 Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Subtitle 3 - Insurance
Chapter 70 - Reciprocal Insurers
§ 23-70-114. Method of determining financial condition
Universal Citation: AR Code § 23-70-114 (2017)
- In determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules:
- (1) He or she shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis;
- (2) The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for ninety (90) days shall first be charged against the surplus deposit;
- (3) The surplus deposits of subscribers shall not be charged as a liability;
- (4) All premium deposits delinquent less than ninety (90) days shall be allowed as assets;
- (5) An assessment levied upon subscribers, and not collected, shall not be allowed as an asset;
- (6) The contingent liability of subscribers shall not be allowed as an asset; and
- (7) The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney.
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