§ 1374. — 1374. (Amended by Stats. 1984, Ch. 564, Sec. 2.)

California § 1374.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 3.: CHAPTER 3. Reciprocal Insurers
• Art. 5.: ARTICLE 5. Finances

Text

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.

Legislative History

Amended by Stats. 1984, Ch. 564, Sec. 2.