The Vermont Statutes Online
Banking and Insurance
4845. Financial condition; method of determining
the financial condition of a reciprocal insurer the Commissioner shall apply
the following rules:
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
(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.
assessment levied upon subscribers, and not collected, shall not be allowed as
(6) The contingent
liability of subscribers shall not be allowed as an asset.
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.)