§ 58‑3‑81. Lossand loss expense reserves of casualty insurance and surety companies.
(a) In determining thefinancial condition of any casualty insurance or surety company and in anyfinancial statement or report of any such company, there shall be included inthe liabilities of that company loss reserves and loss expense reserves atleast equal to the amounts required under this section. The amount of thosereserves shall be diminished by an allowance or credit for reinsurancerecoverable from assuming reinsurers in accordance with G.S. 58‑7‑21or G.S. 58‑7‑26. The date as of which the determination, statement,or report is made is known as the date of determination.
(b) For all outstandinglosses and loss expenses, the reserves shall be valued as of the date ofdetermination and shall include the following:
(1) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allknown claims.
(2) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allunknown, incurred but not reported claims.
(c) Except as providedin subsection (e) of this section, the minimum loss and loss expense reservesfor workers' compensation insurance shall be determined as follows:
(1) In the case ofindemnity benefits where tabular reserves are prescribed for the reporting ofsuch benefits under the Workers' Compensation Statistical Plan (WCSP) of theNational Council on Compensation Insurance, the minimum reserve shall be theresult obtained by the application of the appropriate pension table in theWCSP, unless the reserve required by any method adopted or approved by the NAICis greater, in which case that greater reserve shall be used.
(2) In all other cases,including other indemnity benefits, medical benefits, and loss adjustmentexpense, the reserve shall be determined by subsection (b) of this section,unless the reserve required by any method adopted or approved by the NAIC isgreater, in which case that greater reserve shall be used.
(d) Repealed by SessionLaws 2001‑223, s. 1.2.
(e) Whenever in thejudgment of the Commissioner the loss and loss expense reserves of any casualtyor surety company doing business in this State calculated in accordance withthe foregoing provisions are inadequate or excessive, he may prescribe anyother basis that will produce adequate and reasonable reserves.
(f) Every casualtyinsurance and every surety company doing business in this State shall keep acomplete and itemized record showing all losses and claims on which it has receivednotices, including all notices received by it of the occurrence of any eventthat may result in a loss. (1993, c. 452, s. 3; 2001‑223, s. 1.2.)
§ 58‑3‑81. Lossand loss expense reserves of casualty insurance and surety companies.
(a) In determining thefinancial condition of any casualty insurance or surety company and in anyfinancial statement or report of any such company, there shall be included inthe liabilities of that company loss reserves and loss expense reserves atleast equal to the amounts required under this section. The amount of thosereserves shall be diminished by an allowance or credit for reinsurancerecoverable from assuming reinsurers in accordance with G.S. 58‑7‑21or G.S. 58‑7‑26. The date as of which the determination, statement,or report is made is known as the date of determination.
(b) For all outstandinglosses and loss expenses, the reserves shall be valued as of the date ofdetermination and shall include the following:
(1) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allknown claims.
(2) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allunknown, incurred but not reported claims.
(c) Except as providedin subsection (e) of this section, the minimum loss and loss expense reservesfor workers' compensation insurance shall be determined as follows:
(1) In the case ofindemnity benefits where tabular reserves are prescribed for the reporting ofsuch benefits under the Workers' Compensation Statistical Plan (WCSP) of theNational Council on Compensation Insurance, the minimum reserve shall be theresult obtained by the application of the appropriate pension table in theWCSP, unless the reserve required by any method adopted or approved by the NAICis greater, in which case that greater reserve shall be used.
(2) In all other cases,including other indemnity benefits, medical benefits, and loss adjustmentexpense, the reserve shall be determined by subsection (b) of this section,unless the reserve required by any method adopted or approved by the NAIC isgreater, in which case that greater reserve shall be used.
(d) Repealed by SessionLaws 2001‑223, s. 1.2.
(e) Whenever in thejudgment of the Commissioner the loss and loss expense reserves of any casualtyor surety company doing business in this State calculated in accordance withthe foregoing provisions are inadequate or excessive, he may prescribe anyother basis that will produce adequate and reasonable reserves.
(f) Every casualtyinsurance and every surety company doing business in this State shall keep acomplete and itemized record showing all losses and claims on which it has receivednotices, including all notices received by it of the occurrence of any eventthat may result in a loss. (1993, c. 452, s. 3; 2001‑223, s. 1.2.)
§ 58‑3‑81. Lossand loss expense reserves of casualty insurance and surety companies.
(a) In determining thefinancial condition of any casualty insurance or surety company and in anyfinancial statement or report of any such company, there shall be included inthe liabilities of that company loss reserves and loss expense reserves atleast equal to the amounts required under this section. The amount of thosereserves shall be diminished by an allowance or credit for reinsurancerecoverable from assuming reinsurers in accordance with G.S. 58‑7‑21or G.S. 58‑7‑26. The date as of which the determination, statement,or report is made is known as the date of determination.
(b) For all outstandinglosses and loss expenses, the reserves shall be valued as of the date ofdetermination and shall include the following:
(1) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allknown claims.
(2) The aggregateestimated amounts due for losses and loss adjustment expenses on account of allunknown, incurred but not reported claims.
(c) Except as providedin subsection (e) of this section, the minimum loss and loss expense reservesfor workers' compensation insurance shall be determined as follows:
(1) In the case ofindemnity benefits where tabular reserves are prescribed for the reporting ofsuch benefits under the Workers' Compensation Statistical Plan (WCSP) of theNational Council on Compensation Insurance, the minimum reserve shall be theresult obtained by the application of the appropriate pension table in theWCSP, unless the reserve required by any method adopted or approved by the NAICis greater, in which case that greater reserve shall be used.
(2) In all other cases,including other indemnity benefits, medical benefits, and loss adjustmentexpense, the reserve shall be determined by subsection (b) of this section,unless the reserve required by any method adopted or approved by the NAIC isgreater, in which case that greater reserve shall be used.
(d) Repealed by SessionLaws 2001‑223, s. 1.2.
(e) Whenever in thejudgment of the Commissioner the loss and loss expense reserves of any casualtyor surety company doing business in this State calculated in accordance withthe foregoing provisions are inadequate or excessive, he may prescribe anyother basis that will produce adequate and reasonable reserves.
(f) Every casualtyinsurance and every surety company doing business in this State shall keep acomplete and itemized record showing all losses and claims on which it has receivednotices, including all notices received by it of the occurrence of any eventthat may result in a loss. (1993, c. 452, s. 3; 2001‑223, s. 1.2.)
