Alabama Administrative Code
Title 482 - ALABAMA DEPARTMENT OF INSURANCE
Chapter 482-1-094 - SURPLUS NOTES
Section 482-1-094-.08 - Accounting Requirements

Universal Citation: AL Admin Code R 482-1-094-.08

Current through Register Vol. 42, No. 11, August 30, 2024

(1) All financial statements published by any insurer or filed with the Commissioner must show as a liability that portion of the insurer's surplus that exceeds the minimum surplus as defined in the written agreement to the extent of the unpaid principal balance thereon.

(2) All agreements shall be clearly reported in an insurer's "Notes to Financial Statements" of the Annual Statement indicating that payment of interest and repayment of principal are subject to the prior approval of the Commissioner.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §§ 27-27-40, 27-2-7, 27-2-17, 27-27-1, 27-27-2.

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