Arkansas Statutes
§ 23-70-114 — Method of determining financial condition
Arkansas·Title 23
In determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules:
(1)He or she 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 ninety (90) days shall first be charged against the 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 not be allowed as an asset;
(6)The contingent liability of subscribers shall not be allowed as an asse
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Legislative History
Acts 1959, No. 148, § 527; A.S.A. 1947, § 66-4318.
Nearby Sections
15
§ 23-1-101
Definitions§ 23-1-103
Compliance with Acts 1935, No. 324, and rules of commission required - Penalties for noncompliance§ 23-1-106
Penalties cumulative - Recovery of penalty not bar to further penalty or criminal prosecution§ 23-1-108
Jurisdiction and venue of actions§ 23-1-110
Actions tried without jury - Exceptions§ 23-1-111
Copies of official papers as evidence§ 23-1-115
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