Capital stock and liabilities charged against assets

In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: (1) The amount of its capital stock outstanding, if any; (2) The amount, estimated consistent with this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof; (3) With reference to life and disability insurance and annuity contracts: (A) The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto; 455 33-10-5 (B) Reserves for disability benefits for both active and disabled lives; (C) Reserves for accidental death benefits; and (D) Any additional reserves which may be required by the Commissioner consistent with practice formulated or approved by him on account of such insurance; (4) With reference to insurance other than that specified in paragraph (3) of this Code section and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter; and (5) Taxes, expenses, and other obligations due or accrued at the date of the statement. History. — Code 1933, § 56-905, enacted by Ga. L. 1960, p. 289, § 1. 33-10-6. Unearned premium reserve required for property, general casualty, and surety insurance generally. (a) With reference to insurance against loss or damage to property, except as provided in Code Section 33-10-7, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. (b) The Commissioner may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting reinsurance in solvent insurers as computed on each respective risk from the policy’s date of issue. If the Commissioner does not so require, the portions of the gross premium in force, less reinsurance in solvent insurers to be held as a premium reserve, shall be computed according to the following table: Term for Which Policy Was Written Reserve for Unearned Premium 1 year or less ...................................................................1/2 2 years .............................................................First year 3/4 ...........................................................Second year 1/4 3 years .............................................................First year 5/6 ...........................................................Second year 1/2 .............................................................Third year 1/6 456 33-10-7 4 years .............................................................First year 7/8 ...........................................................Second year 5/8 .............................................................Third year 3/8 ...........................................................Fourth year 1/8 5 years ............................................................First year 9/10 ..........................................................Second year 7/10 .............................................................Third year 1/2 ..........................................................Fourth year 3/10 ............................................................Fifth year 1/10 Over 5 years .............................................................Pro rata (c) Unearned premium reserves on policies written for an intermediate period shall be calculated on a monthly pro rata basis. (d) In lieu of computation according to the foregoing table, all of such reserves may be computed, at the option of the insurer, on a monthly or more frequent pro rata basis. (e) After adopting a method for computing such reserve, a domestic insurer shall not change methods without approval of the Commissioner, and a foreign or alien insurer shall not change methods without approval of the insurance supervisory official of the state of its domicile. (f ) This Code section does not apply to title insurance. History. — Code 1933, § 56-906, enacted by Ga. L. 1960, p. 289, § 1.