Montana Code 33-5-403. Financial condition — method of determining
33-5-403. Financial condition — method of determining. In determining the financial condition of a reciprocal insurer the commissioner shall apply the following rules:
Terms Used In Montana Code 33-5-403
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: as used in this chapter , refers to the attorney-in-fact of a reciprocal insurer. See Montana Code 33-5-104
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1)The commissioner shall charge as liabilities the same reserves that are required of incorporated insurers issuing nonassessable policies on a reserve basis.
(2)The surplus deposits of subscribers must be allowed as assets, except that any premium deposits delinquent for 90 days must first be charged against the surplus deposit.
(3)The surplus deposits of subscribers may not be charged as a liability.
(4)All premium deposits that are delinquent for less than 90 days must be allowed as assets.
(5)An assessment levied upon subscribers and not collected may not be allowed as an asset.
(6)The contingent liability of subscribers may not be allowed as an asset.
(7)The computation of reserves must be based upon premium deposits other than membership fees and without any deduction for expenses and the compensation of the attorney.