TITLE 33 INSURANCE

Section 17. Reciprocal Insurers, 33-17-1 through 33-17-31.

ARTICLE 7 MISCELLANEOUS PROVISIONS

33-17-21. 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.

(Code 1933, § 56-2118, enacted by Ga. L. 1960, p. 289, § 1.)