24-A §3865. Financial conditions; method of determining - Maine Statutes

Title 24-A: MAINE INSURANCE CODE

Chapter 53: RECIPROCAL INSURERS

§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).