California § 922.3. 922.3. (Amended by Stats. 1996, Ch. 840, Sec. 6.)

California Statutes

§ 922.3. — 922.3. (Amended by Stats. 1996, Ch. 840, Sec. 6.)

California·Code INS Insurance Code - INS·Div. 1. DIVISION 1. GENERAL RULES GOVERNING INSURANCE·Part 2. PART 2. THE BUSINESS OF INSURANCE·Ch. 1. CHAPTER 1. General Regulations·Art. 10. ARTICLE 10. Financial Statements of Insurers

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.

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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.

California § 922.3. (922.3. (Amended by Stats. 1996, Ch. 840, Sec. 6.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.