Utah Admin. Code R590-117-4 - Reported Liabilities and Valuation Hierarchy
(1) Reported liabilities include:
(a) any liability provided for or
contemplated by the annual statement blank or other reporting form prescribed
by the commissioner under Section
31A-2-202;
and
(b) any other liability known
to the reporting insurer, except a liability specifically exempted or precluded
by the reporting form.
(2) The value of a reported liability shall
be computed according to the first applicable method, in ascending order, from
the following list:
(a) a specific provision
of Title 31A, Insurance Code;
(b) a
department rule that supersedes Rule R590-117;
(c) a procedure adopted or recommended by the
National Association of Insurance Commissioners;
(d) generally accepted accounting principles;
or
(e) values a prudent person
would establish and are accepted by the commissioner.
Notes
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