Rule 120-2-34-.20 - Reserve Requirement(1) The Fund shall maintain loss reserves computed in the same manner and upon the same basis as required by O.C.G.A. § 34-9-163(1) and (2), and shall report these reserves in all financial reports filed with the Commissioner.(2) The Annual Report shall include an actuarial opinon specifically stating that carried reserves: (a) meet the requirements of O.C.G.A. § 34-9-163(1) and (2);(b) are computed in accordance with accepted loss reserving standards and principles; and(c) make a reasonable provision for all unpaid loss and loss expense obligations of the Fund under the terms of its agreement.Ga. Comp. R. & Regs. R. 120-2-34-.20
Ga. L. 1960, pp. 289, 305; Ga. L. 1981, pp. 1759, 1778; O.C.G.A. Secs. 33-2-9, 34-9-163, 34-9-174.
Original Rule entitled "Penalties" was filed on March 16, 1982; effective April 15, 1982, by Order of the Insurance Commissioner.Repealed: New Rule of same title adopted. F. May 9, 1990; eff. June 15, 1990, as specified by the Agency.Repealed: New Rule entitled "Reserve Requirement" adopted. F. Nov. 4, 1997; eff. Nov. 24, 1997.