California § 10930.4. 10930.4. (Added by Stats. 2012, Ch. 859, Sec. 3.)

California Statutes

§ 10930.4. — 10930.4. (Added by Stats. 2012, Ch. 859, Sec. 3.)

California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 2. PART 2. LIFE AND DISABILITY INSURANCE·Ch. 9.6. CHAPTER 9.6. Consumer Operated and Oriented Plans

(a)A solvency loan obtained by a CO-OP shall be treated as a surplus note and shall be subject to the same requirements as are imposed on mutual insurers pursuant to Article 4 (commencing with Section 4040) of Chapter 4 of Part 1 of Division 2. The commissioner may request any documentation relating to a CO-OP’s start-up loan or solvency loan.

(b)A CO-OP shall be subject to the same securities permit requirements as are imposed upon mutual insurers pursuant to Section 4042; however, the commissioner shall have the authority to waive the requirements under Section 4042 upon a determination that they are not applicable following a full review of the CO-OP’s plan of operations and any other documents as requested by the commissioner prior to the admission of the CO-OP.

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(a)
A solvency loan obtained by a CO-OP shall be treated as a surplus note and shall be subject to the same requirements as are imposed on mutual insurers pursuant to Article 4 (commencing with Section 4040) of Chapter 4 of Part 1 of Division 2. The commissioner may request any documentation relating to a CO-OP’s start-up loan or solvency loan.
(b)
A CO-OP shall be subject to the same securities permit requirements as are imposed upon mutual insurers pursuant to Section 4042;
however, the commissioner shall have the authority to waive the requirements under Section 4042 upon a determination that they are not applicable following a full review of the CO-OP’s plan of operations and any other documents as requested by the commissioner prior to the admission of the CO-OP.

California § 10930.4. (10930.4. (Added by Stats. 2012, Ch. 859, Sec. 3.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.