517

For purposes of §§ 516–524 of this title, liabilities shall be defined as probable future economic sacrifices that arise from the present obligations of an insurer, which consist of the transfer of assets, or the rendering of services to other entities in the future as a result of past transactions or events. History —Ins. Code, added as § 5.020 on Mar. 22, 2003, No. 90, § 1.