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.