California Code, Insurance Code - INS § 1374
Current as of January 01, 2023 | Updated by FindLaw Staff
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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.
Cite this article: FindLaw.com - California Code, Insurance Code - INS § 1374 - last updated January 01, 2023 | https://codes.findlaw.com/ca/insurance-code/ins-sect-1374/
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