Cal. Code Regs. tit. 10 § 2601.02

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2601.02 - Definitions

A. "Commissioner" means the Insurance Commissioner of the State of California (Section 20)

B. "Department" means the Insurance Department of the State of California as constituted by statute. (Sections 21 and 12906)

C. "Insurer" for the purpose of these rules includes every organization organized for the purpose of assuming the risk of loss under contracts of insurance or reinsurance, and also includes any of the following organizations:

1. An admitted insurer;

2. A nonadmitted domestic insurer;

3. A nonadmitted foreign insurer;

4. A nonadmitted alien insurer;

5. An underwritten title company, or an organization organized for the purpose of doing an underwritten title business, whether licensed or not;

6. An attorney-in-fact of a reciprocal or interinsurance exchange, whether it be admitted or not, or an organization organized for the purpose of acting as the attorney-in-fact of a reciprocal or interinsurance exchange, whether the same be admitted or not; and

D. "Security" means every instrument commonly known by that term, including but not limited to the instruments enumerated in Section 821.5, but excepting the commercial paper, promissory notes and mortgage participation certificates described in Section 821.

E. "Insurer security permit" is used in these regulations to describe any and all types of security permits applied for by or issued to an "insurer" as that term is defined by Insurance Code Section 826 (See paragraph C of this Section 2601.02) irrespective of whether the applicant is or will be engaged in issuing contracts of insurance.

F. "Insurance company" as used in these regulations means an entity engaged or to be engaged in the business of assuming the risk of loss under contracts of insurance.

G. "Insurance" includes reinsurance.

Cal. Code Regs. Tit. 10, § 2601.02

1. Repealer of subparagraph 7 of subsection C filed 5-6-77 as procedural and organizational; effective upon filing (Register 77, No. 19).

Note: Authority cited: Section 843, Insurance Code. Reference: Sections 820- 860, Insurance Code.

1. Repealer of subparagraph 7 of subsection C filed 5-6-77 as procedural and organizational; effective upon filing (Register 77, No. 19).