In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:
A. the amount of its capital stock outstanding, if any;
B. the amount, estimated to be consistent with the provisions of the Insurance Code, necessary to pay all of its unpaid losses and claims incurred on or prior to date of the statement whether reported or unreported, together with the expense of adjustment or settlement thereof;
C. as to life insurance policies and annuity contracts, and disability and accidental death benefits in or supplemental thereto:
(1) the amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest and methods adopted pursuant to the Insurance Code which are applicable thereto;
(2) reserves for disability benefits, for both active and disabled lives;
(3) reserves for accidental death benefits; and
(4) any additional reserves which may be required by the superintendent consistent with applicable customary and general practice in insurance accounting;
D. as to health insurance policies, the reserves required under Section 59A-8-7 NMSA 1978;
E. as to insurance other than referred to in Subsections C and D of this section, and other than title insurance, the amount of unearned premium reserves computed in accordance with Sections 59A-8-9 and 59A-8-10 NMSA 1978;
F. taxes, expenses and other obligations due or accrued at date of the statement; and
G. liability to agents for commissions contingent on collection of premium shall not be construed as a liability.
History: Laws 1984, ch. 127, § 121; 1987, ch. 259, § 8.
ANNOTATIONSCross references. — For the Insurance Code, see 59A-1-1 NMSA 1978 and notes thereto.