Section R590-117-4 - Reported Liabilities and Valuation Hierarchy(1) Reported liabilities include: (a) any liability provided for or contemplated by the annual statement blank or other reporting form prescribed by the commissioner under Section 31A-2-202; and(b) any other liability known to the reporting insurer, except a liability specifically exempted or precluded by the reporting form.(2) The value of a reported liability shall be computed according to the first applicable method, in ascending order, from the following list: (a) a specific provision of Title 31A, Insurance Code;(b) a department rule that supersedes Rule R590-117;(c) a procedure adopted or recommended by the National Association of Insurance Commissioners;(d) generally accepted accounting principles; or(e) values a prudent person would establish and are accepted by the commissioner.Utah Admin. Code R590-117-4
Amended by Utah State Bulletin Number 2021-22, effective 11/8/2021