Standards for determination by Commissioner of financial condition of insurer

In determining the financial condition of a reciprocal insurer, the Commissioner shall apply the following rules: (1) He 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 90 days shall first be charged against such surplus deposit; (3) The surplus deposits of subscribers shall not be charged as a liability; (4) All premium deposits delinquent less than 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 without any deduction for expenses and the compensation of the attorney. History. — Code 1933, § 56-2118, enacted by Ga. L. 1960, p. 289, § 1. 761 33-17-23 33-17-22. Manner of levy of assessments against subscribers generally; computation of assessments. (a) Assessments may from time to time be levied upon subscribers of a domestic reciprocal insurer liable therefor under the terms of their policies by the attorney upon approval in advance by the subscribers’ advisory committee and the Commissioner or by the Commissioner in liquidation of the insurer. (b) Each subscriber’s share of a deficiency for which an assessment is made, but not exceeding in any event his aggregate contingent liability as computed in accordance with Code Section 33-17-24, shall be computed by applying to the premium earned on the subscriber’s policy or policies during the period to be covered by the assessment the ratio of the total deficiency to the total premiums earned during the period upon all policies subject to the assessment. (c) In computing the earned premiums for the purposes of this Code section, the gross premium received by the insurer for the policy shall be used as a base deducting therefrom solely charges not recurring upon the renewal or extension of the policy. (d) No subscriber shall have an offset against any assessment for which he is liable on account of any claim for unearned premium or losses payable. History. — Code 1933, § 56-2123, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33.