Ala. Admin. Code r. 482-1-060-.02

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

Section 482-1-060-.02 - Only Admissible Assets Shall Be Reported On Annual Statements

(1) All annual and quarterly statements filed with the Insurance Department in compliance with Section 27-3-26etseq. of the Insurance Code shall reflect assets and liabilities that are computed on the same basis as utilized in the last filed report of examination.

(2) Assets which are reported on page 2 of annual statement shall only be admitted assets. Admitted assets are those assets allowed by the Insurance Department as value in a determination of the financial condition of an insurer. As stated above, those assets must be computed on the same basis as used by departmental examiners in the last filed report of examination. Assets reported on quarterly statements shall also conform to the requirements set out for assets on annual statements.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-060-.02

New Rule: February 15, 1977; effective February 25, 1977. Revised: December 22, 2004; effective January 1, 2005. Filed with LRS December 22, 2004. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority:Code of Ala. 1975, §§ 27-2-17, 27-3-26.