Cal. Code Regs. tit. 10 § 2603.14

Current through Register 2024 Notice Reg. No. 24, June 14, 2024

Section 2603.14 - Financial Data-in General

A. Applications filed by insurance companies with capital stock shall set forth both the number and par value of shares outstanding and the amount of capital paid up as of the date of the application. Both stock and mutual (including inter-insurance exchange) applicants shall state their total assets, total liabilities exclusive of capital, unassigned surplus and surplus as regards policyholders as of the most recent financial reporting date. If there have been significant changes between that date and the date of filing the application, the application shall include applicant's best estimate of the amount of unassigned surplus as of the date of such application.

B. Applications filed by insurers other than insurance companies (i.e. by non-insuring "insurers") shall show the most recent balance sheet and operating statement of applicant that are available. If such papers are stale or unreliable, the Commissioner may require current balance sheets and current operation statements.

C. In the case of any application lawfully filed (whether described in paragraph A or paragraph B above), the Commissioner, after examining it and the other papers and documents filed with it, may if the Commissioner deems it advisable, cause a detailed examination, audit and investigation to be made of applicant and its affairs (Section 838). Such examination, audit or investigation shall be at the expense of applicant (Section 859(d)).

Cal. Code Regs. Tit. 10, § 2603.14

1. Change without regulatory effect amending section heading and paragraph C. filed 7-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 29). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.