1. (1) Reported liabilities include:

   1. (a) any liability provided for or contemplated by the annual statement blank or other reporting form prescribed by the commissioner under Section 31A-2-202; and
   2. (b) any other liability known to the reporting insurer, except a liability specifically exempted or precluded by the reporting form.

2. (2) The value of a reported liability shall be computed according to the first applicable method, in ascending order, from the following list:

   1. (a) a specific provision of Title 31A, Insurance Code;
   2. (b) a department rule that supersedes Rule R590-117;
   3. (c) a procedure adopted or recommended by the National Association of Insurance Commissioners;
   4. (d) generally accepted accounting principles; or
   5. (e) values a prudent person would establish and are accepted by the commissioner.

KEY: insurance companies, rules and procedures

Date of Last Change: November 8, 2021

Notice of Continuation: January 26, 2022

Authorizing, and Implemented or Interpreted Law: 31A-17-402