California Insurance Code 1063.3 – To aid in the detection and prevention of member insurer …
To aid in the detection and prevention of member insurer insolvencies:
(a) The board may, upon majority vote, make recommendations to the commissioner on matters pertaining to regulation for solvency.
Terms Used In California Insurance Code 1063.3
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Covered claims: means the obligations of an insolvent insurer, including the obligation for unearned premiums, that satisfy all of the following requirements:
California Insurance Code 1063.1
- Member insurer: means an insurer required to be a member of the association in accordance with subdivision (a) of Section 1063, except and to the extent that the insurer is participating in an insolvency program adopted by the United States government. See California Insurance Code 1063.1
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
(b) The board may prepare a report on the history and causes of any member insurer insolvency in which the association was obligated to pay covered claims, based on the information available to the association, and submit that report along with any recommendations resulting therefrom to the commissioner.
(c) The board may request the Self-Insurers’ Security Fund to prepare, and the Self-Insurers’ Security Fund may provide to the board, a report identifying the aggregate amount of liability, including the estimated exposure for every insurance carrier admitted to transact workers’ compensation insurance in this state, under all specific excess workers’ compensation policies in existence for a given period in this state as reported by the private self-insured employers to the Director of Industrial Relations in the annual reports submitted pursuant to § 3702.2 of the Labor Code.
(Amended by Stats. 2005, Ch. 395, Sec. 2. Effective January 1, 2006.)