Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2785 - POLITICAL SUBDIVISION SELF-INSURANCE POOLS
Part 2785.1200 - RESERVES
Universal Citation: MN Rules 2785.1200
Current through Register Vol. 49, No. 13, September 23, 2024
A pool must establish reserves for all incurred losses, both reported and unreported, and for unearned premiums. To the extent that the amount of a loss is uncertain, the reserve must be set conservatively. As the degree of uncertainty concerning a loss is changed by new events or information, the amount of the reserve must be changed appropriately. Accounting for reserves must be as required by the financial statement forms and instructions, under part 2785.1600, subpart 2.
Statutory Authority: MS s 471.617; 471.982
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