40-12a09. Annual statement; accounting procedures. Each company organized pursuant to this act shall file an annual statement each year in accordance with the requirements for domestic insurers writing the same kind of insurance. Any company organized pursuant to this section which states its liabilities for losses and loss adjustment expenses on a present value basis on the effective date of this act shall be allowed a reasonable period of time to discontinue such practice in accordance with a plan approved by the commissioner.

History: L. 1988, ch. 147, § 9; L. 2000, ch. 147, § 1; July 1.