Section 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.