33-17-21. Standards for determination by Commissioner of financial condition of insurer.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

In determining the financial condition of a reciprocal insurer, the Commissioner shall apply the following rules:
(1)
He 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 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; and#
(7)
The computation of reserves shall be based upon premium deposits other than membership fees without any deduction for expenses and the compensation of the attorney.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 56-2118, enacted by Ga. L. 1960, p. 289, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 777; merge action: carried; file SHA-256 4ecec175d949.