California Insurance Code 739.10 – (a) Any foreign insurer shall, upon the written request of the …
(a) Any foreign insurer shall, upon the written request of the commissioner, submit to the commissioner an RBC Report as of the end of the calendar year just ended the later of:
(1) The date an RBC Report would be required to be filed by a domestic insurer under this chapter.
Terms Used In California Insurance Code 739.10
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Domestic insurer: means any life or health insurer or property and casualty insurer organized in this state. See California Insurance Code 739
- Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
- Foreign insurer: means any life or health insurer or property and casualty insurer that is licensed to do business in this state but is not domiciled in this state. See California Insurance Code 739
- RBC Plan: means a comprehensive financial plan containing the elements specified in subdivision (b) of Section 739. See California Insurance Code 739
- RBC Report: means the report required in Section 739. See California Insurance Code 739
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
- Statute: A law passed by a legislature.
(2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to the commissioner a copy of any RBC Plan that is filed with the insurance commissioner of any other state.
(b) In the event of a Company Action Level Event or Regulatory Action Level Event with respect to any foreign insurer as determined under the RBC statute applicable in the state of domicile of the insurer, or, if no RBC provision is in force in that state, under the provisions of this chapter, if the insurance commissioner of the state of domicile of the foreign insurer fails to require the foreign insurer to file an RBC Plan in the manner specified under the RBC statute, or, if no RBC provision is in force in the state, under Section 739.3, the commissioner may require the foreign insurer to file an RBC Plan with the commissioner. In such event, the failure of the foreign insurer to file an RBC Plan with the commissioner shall be grounds to order the insurer to cease and desist from writing new insurance business in this state.
(c) In the event of a Mandatory Control Level Event with respect to any foreign insurer, if no domiciliary receiver has been appointed with respect to the foreign insurer under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer, the commissioner may make application to the superior court with respect to the liquidation of property of foreign insurers found in this state, and the occurrence of the Mandatory Control Level Event shall be considered adequate grounds for the application.
(Added by Stats. 1996, Ch. 708, Sec. 1. Effective January 1, 1997.)