Section 304.27-160 - Determining financial conditionIn 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 ninety (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 ninety (90) days shall be allowed as assets;(5) An assessment levied upon subscribers, and not collected shall be allowed as assets;(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 and without any deduction for the compensation of the attorney.Effective:7/15/2010
Amended 2010, Ky. Acts ch. 24, sec. 1381, effective7/15/2010. -- Created 1970 Ky. Acts ch. 301, subtit. 27, sec. 16, effective 6/18/1970.