Ala. Admin. Code r. 482-1-043-.05

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-043-.05 - Contingency Reserve

In addition to the customary unearned premium reserve required of casualty insurers pursuant to Section 27-36-3, Code of Ala. 1975, each mortgage guaranty insurer shall establish a contingency reserve which shall be maintained for ten (10) years for the purpose of protecting against the effect of adverse economic cycles in accordance with Statutory Accounting Principle No. 58 adopted pursuant to Alabama Insurance Regulation, Chapter 482-1-097.

Author: Commissioner of Insurance

New Rule: January 12, 1976; effective January 22, 1976. Revised: Filed December 19, 2007; effective January 1, 2008. Filed with LRS December 19, 2007. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17.