In determining the financial condition of a reciprocal insurer the 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 deposit delinquent for ninety 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 ninety 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.
- (7) The computation of reserves shall be based upon premium deposits other than membership fees and without any deduction for the compensation of the attorney.
[ 2009 c 549 s 7043; 1947 c 79 s .10.20; Rem. Supp. 1947 s 45.10.20.]