In determining the financial condition of a reciprocal insurer the director shall apply the following rules:

(1) the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis shall be charged as liabilities;

Terms Used In Alaska Statutes 21.75.150

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) the surplus deposits of subscribers shall be allowed as assets, except the premium deposits delinquent for 90 days shall first be charged against the surplus deposit;
(3) the surplus deposits of subscribers may 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, may not be allowed as an asset;
(6) the contingent liability of subscribers may not be allowed as an asset;
(7) the computation of reserves shall be based upon premium deposits other than membership fees and without deductions for expenses and the compensation of the attorney-in-fact.
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