2012 Maine Revised Statutes
TITLE 24-A: MAINE INSURANCE CODE
Chapter 53: RECIPROCAL INSURERS
24-A §3865. Financial conditions; method of determining
§3865. Financial conditions; method of determining
In determining the financial condition of a reciprocal insurer the superintendent shall apply the following rules: [1973, c. 585, §12 (AMD).]
1. He shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.
[ 1969, c. 132, §1 (NEW) .]
2. The surplus deposits of subscribers shall be allowed as assets, except that any premium deposits delinquent for 90 days shall first be charged against such surplus deposit.
[ 1969, c. 132, §1 (NEW) .]
3. The surplus deposits of subscribers shall not be charged as a liability.
[ 1969, c. 132, §1 (NEW) .]
4. All premium deposits delinquent less than 90 days shall be allowed as assets.
[ 1969, c. 132, §1 (NEW) .]
5. An assessment levied upon subscribers, and not collected, shall not be allowed as an asset.
[ 1969, c. 132, §1 (NEW) .]
6. The contingent liability of subscribers shall not be allowed as an asset.
[ 1969, c. 132, §1 (NEW) .]
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.
[ 1969, c. 132, §1 (NEW) .]
SECTION HISTORY
1969, c. 132, §1 (NEW). 1973, c. 585, §12 (AMD).
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