Ins. Code, § 1374 · Article 5. Finances
Ins. Code, § 1374
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Amended by Stats. 1984, Ch. 564, Sec. 2.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=1374.
- Text hash
- sha256 d4a02b234509562bd1f032ccd7ba0104c9686af79645b607f4b265bd28eb3f75
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
Provisions in this library whose text cites Ins. Code, § 1374. Each shows the citation as that text prints it.
Insurance Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.