Ala. Admin. Code r. 482-1-094-.08

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

Section 482-1-094-.08 - Accounting Requirements

(1) All financial statements published by any insurer or filed with the Commissioner must show as a liability that portion of the insurer's surplus that exceeds the minimum surplus as defined in the written agreement to the extent of the unpaid principal balance thereon.

(2) All agreements shall be clearly reported in an insurer's "Notes to Financial Statements" of the Annual Statement indicating that payment of interest and repayment of principal are subject to the prior approval of the Commissioner.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-094-.08

New: December 18, 1992; effective January 1, 1993. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43.

Statutory Authority:Code of Ala. 1975, §§ 27-27-40, 27-2-7, 27-2-17, 27-27-1, 27-27-2.