§ 1301. Admitted assets. (a) In determining the financial condition of\na domestic or foreign insurer or the United States branch of an alien\ninsurer for the purposes of this chapter, there may be allowed as\nadmitted assets of such insurer, unless otherwise specifically provided\nin this chapter, only the following assets owned by such insurer\n (1) Cash, including legal tender or the equivalent in any office of\nsuch insurer or in transit under its control and the true balance of any\ndeposit in a solvent bank, trust company or thrift institution.\n (2) Investments acquired or held in accordance with the applicable\nprovisions of this chapter, and the income due or accrued thereon\nsubject to paragraphs three and four of this subsection as to dividends,\ninterest, rents and accrued taxes paid.\n (3) Declared and unpaid dividends on shares, unless the amount has\notherwise been allowed as an admitted asset.\n (4) Investment income due and accrued. Such amounts shall be assessed\nfor collectibility. If it is probable that the investment income due and\naccrued balance is uncollectible, the amount shall be written off and\nshall be charged against investment income in the period such\ndetermination is made. Any remaining investment income due and accrued\n(i.e., amounts considered probable of collection) representing either\n(i) amounts that are over ninety days past due (generated by any\ninvested asset except mortgage loans in default), or (ii) amounts\notherwise designated as nonadmitted shall be considered nonadmitted. If\na mortgage loan in default has interest one hundred eighty days past due\nthat has been assessed as collectible, all interest shall be considered\na nonadmitted asset. Such nonadmitted amounts shall be subject to\ncontinuing assessments of collectibility and, if determined to be\nuncollectible, a write-off shall be recorded in the period such\ndetermination is made. For purposes of this paragraph, "probable" shall\nmean that the future event or events are likely to occur.\n (5) Premium notes, policy loans and other policy assets and liens on\npolicies, contracts or certificates of a life insurance company or\nfraternal benefit society, in an amount not exceeding the legal reserve\nand other policy liabilities carried on each individual contract; the\nnet amount of uncollected and deferred premiums, considerations or\nassessments of a life insurance company or of a fraternal benefit\nsociety which carries the full mean tabular reserve liability; for a\nfraternal benefit society which does not carry such reserve liability,\nthe net amount of uncollected premiums.\n (6) Premiums in course of collection, other than life insurance\npremiums, not more than ninety days past due, less commissions payable\nthereon. The foregoing limitation of ninety days shall not apply to: (i)\npremiums payable directly or indirectly by the United States government\nor any of its instrumentalities, (ii) reinsurance premiums payable by\nceding insurers authorized to transact such business in this state, or\n(iii) reinsurance premiums payable which may be offset by amounts\ncarried by the assuming insurer as liabilities for amounts due to the\nceding insurer for unpaid losses or other mutual debts. However\nreinsurance premiums more than ninety days past due shall not be allowed\nin excess of ten per centum of the reinsurer's total admitted assets as\nshown on its most recent annual statement on file in the office of the\nsuperintendent pursuant to section three hundred seven of this chapter.\n (7) Instalment premiums, other than life insurance premiums, as\nprescribed by regulation.\n (8) Notes and like written obligations, not past due, taken for\npremiums other than life insurance premiums, on policies permitted to be\nissued on such basis, to the extent of the unearned premium reserves\ncarried thereon except as otherwise prescribed by regulation.\n (9) Reinsurance recoverable by a ceding insurer: (i) from an insurer\
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