R590-117-4. Rule

A. Liabilities to be reported.

1. All liabilities specifically provided for or contemplated by the annual statement blank or other reporting form prescribed by the commissioner under Section 31A-2-202.

2. Any other liabilities known to the reporting insurer, except liabilities specifically exempted or precluded by the reporting form.

B. Evaluation of liabilities. The values of reported liabilities shall be computed in accordance with the first applicable method from the following list, in ascending order:

1. in accordance with a specific provision of the Utah Insurance Code, Title 31A; or

2. in accordance with a specific Insurance Department rule, noted as superseding this general rule, or, in the absence thereof,

3. in accordance with another provision of the Utah Code; or

4. in accordance with procedures adopted or recommended by the National Association of Insurance Commissioners; or

5. in accordance with generally accepted accounting principles; or

6. in accordance with values as would be established by a prudent person and are accepted by the commissioner.