(a) Notwithstanding any other provision of this article, the commissioner may relieve an insurer of its obligation to make prepayments if the insurer establishes to the satisfaction of the commissioner that either the insurer has ceased to transact insurance in this state, or the insurer’s annual tax for the current year will be less than twenty thousand dollars ($20,000).

(b) This section shall become operative on July 1, 2013.

Terms Used In California Revenue and Taxation Code 12260

  • Insurer: as used in this part includes each of the following:

    California Revenue and Taxation Code 12003

  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(Amended (as added by Stats. 2013, Ch. 33, Sec. 28) by Stats. 2014, Ch. 362, Sec. 8. (AB 2734) Effective January 1, 2015.)

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