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This entry was published on 2014-09-22
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SECTION 4239
Allocation and reporting of income and expenses of life insurers
Insurance (ISC) CHAPTER 28, ARTICLE 42
§ 4239. Allocation and reporting of income and expenses of life
insurers. (a) In order to enable the superintendent to determine
compliance with this chapter, he may issue reasonable regulations
prescribing standards for the equitable allocation of income and
expenses as among lines of business and as between investment expenses
and insurance expenses. No such regulation or amendment thereto shall be
promulgated except upon notice to all insurers affected thereby, and
after hearing. Such regulation or amendment shall not preclude the use
of other reasonable and equitable standards previously approved by the
superintendent. He may also promulgate regulations defining the items of
income and expenses to be reported in each line of the annual statement.
Any regulation or amendment thereto shall be promulgated at least six
months before the beginning of the calendar year in which the same shall
take effect.

(b) The restrictions in subsection (a) hereof as to notice, hearing,
and effective period shall not apply to such regulations or amendments
as may be approved by the superintendent for calendar years as to which
similar regulations or amendments have been adopted by the National
Association of Insurance Commissioners.

(c) If the superintendent finds, after notice and hearing, that any
such insurer has failed to comply with the requirements of this section,
he may order such insurer to change its methods of reporting or to
modify its basis of allocation so as to produce reasonable and equitable
results.