NAC681A.008. “Liabilities” defined.

“Liabilities” means the gross liabilities of an assuming insurer which are attributable to reinsurance ceded by insurers domiciled in the United States and which are not otherwise secured by acceptable means and includes, without limitation:

     1. For business ceded by a domestic insurer authorized to write accident and health insurance and property and casualty insurance:

     (a) Losses and allocated loss expenses paid by the ceding insurer that are recoverable from the assuming insurer;

     (b) Reserves for reported losses and outstanding losses;

     (c) Reserves for losses incurred but not reported;

     (d) Reserves for allocated loss expenses; and

     (e) Unearned premiums.

     2. For business ceded by a domestic insurer authorized to write life, health and annuity insurance:

     (a) Aggregate reserves for life policies and contracts less policy loans and net due and deferred premiums;

     (b) Aggregate reserves for accident and health policies;

     (c) Deposit funds and other liabilities without life or disability contingencies; and

     (d) Liabilities for policy and contract claims.

     (Added to NAC by Comm’r of Insurance by R027-02, eff. 5-31-2002)