Section 23-70-114 - Method of determining financial conditionIn determining the financial condition of a reciprocal insurer, the Insurance Commissioner shall apply the following rules:
(1) He or she 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 deposits delinquent for ninety (90) days shall first be charged against the 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 not be allowed as an asset;(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 expenses and the compensation of the attorney.Acts 1959, No. 148, § 527; A.S.A. 1947, § 66-4318.