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.