31 Pa. Code § 25.23
The factors in section 1405(d) of the act (40 P. S. § 991.1405(d)) to be considered in determining whether an insurer's surplus is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs are not intended to be an exhaustive list. In determining the adequacy and reasonableness of an insurer's surplus, no single factor is necessarily controlling. The Commissioner will consider the net effect of these factors plus other factors bearing on the financial condition of the insurer. In comparing the surplus maintained by other insurers, the Commissioner will consider the extent to which each of these factors varies from company to company. In determining the quality and liquidity of investments in subsidiaries, the Commissioner will consider the individual subsidiary and may discount or disallow its valuation to the extent that the individual investments so warrant.
31 Pa. Code § 25.23
The provisions of this §25.23 issued under Article XIV of The Insurance Company Law of 1921 (40 P. S. §§ 991.1401-991.1413); amended under section 337.8 of The Insurance Company Law of 1921 (40 P. S. § 459.8).