§4845. Financial condition; method of determining

Link to law: http://legislature.vermont.gov/statutes/section/08/132/04845
Published: 2015

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Title

08

:
Banking and Insurance






Chapter

132

:
RECIPROCAL INSURERS











 

§

4845. Financial condition; method of determining

In determining

the financial condition of a reciprocal insurer the Commissioner shall apply

the following rules:

(1) The

Commissioner 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

deposit delinquent for 90 days shall first be charged against such surplus

deposit.

(3) The surplus

deposits of subscribers shall not be charged as a liability.

(4) All premium

deposits delinquent less than 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.

(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. (Added 1971, No. 31, § 1, eff. March 31, 1971; amended 2003, No.

55, § 4.)
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