Kentucky Statutes 304.27-160 – Determining financial condition
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In 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: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1381, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 16, effective June 18, 1970.
(1) The commissioner shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis;
Terms Used In Kentucky Statutes 304.27-160
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attorney: as used in this subtitle , refers to the attorney-in-fact of a reciprocal insurer. See Kentucky Statutes 304.27-050
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(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: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 1381, effective July 15, 2010. — Created
1970 Ky. Acts ch. 301, subtit. 27, sec. 16, effective June 18, 1970.