Section 11698.2 - Requirements of reinsurance or assumption agreement entered into by commissionerIf the commissioner enters into a reinsurance and assumption agreement as provided in subdivision (a) of Section 11698.01, that agreement shall provide for all of the following:
(a) The reinsurance and assumption of all those obligations by the reinsuring and assuming insurers.(b) If there is more than one reinsurer the proportion of all those obligations assumed by each reinsurer and a method for the actual processing and payment of those obligations by the reinsurers or their representatives.(c) The reimbursement of the reinsuring and assuming insurers from the deposit of the insurer in the delinquency proceeding. The provision shall conform with Section 11698.21 and shall not be effective unless approved by the Workers' Compensation Appeals Board.(d) The amounts, if any, to be paid the reinsurers from the general funds of the insurer. If the agreement provides that amounts from the general funds of the insurer are to be paid to the reinsurers, those payments shall be approved by the court where the delinquency proceedings are pending.(e) Any other matters as are necessary and proper to achieve the purposes of the reinsurance and assumption agreement.Added by Stats 2002 ch 899 (SB 2093), s 2, eff. 1/1/2003.