§ 922.3
72 words·~1 min read·
/ca/insurance-code/922-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other provision of law, credit for reinsurance, as either an asset or a deduction, shall not be allowed in any accounting or financial statement of the ceding insurer in respect to any so-called reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer, not only in form but in fact, against all or a part of the loss or liability arising out of the original insurance.