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Code · California · Insurance Code

§ 1374

131 words·~1 min read·/ca/insurance-code/1374

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In estimating the financial condition of any exchange the commissioner shall observe the following rules:
(a)He or she shall charge as liabilities the same reserves as are required of incorporated insurers issuing nonassessable policies on a reserve basis.
(b)Surplus deposits of subscribers shall not be charged as a liability.
(c)All premium deposits and surplus deposits of subscribers due and unpaid for a period not exceeding 90 days shall be allowed as admitted assets, as in the case of incorporated insurers issuing nonassessable policies on a reserve basis.
(d)An assessment levied as provided in this chapter, and not collected shall in no event be allowed as an asset.
(e)The computation of reserves shall be based upon premium deposits without any deduction for the compensation of the attorney.
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