California Insurance Code

§ 1215.4

INS § 1215.4 Effective Jan 1, 2023Div. 1 · Part 2 · Ch. 2 · Art. 4.7

Statute text

(a)Every insurer that is authorized to do business in this state and that is a member of an insurance holding company system shall register with the commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile if substantially similar to those contained in this section. The exemption from registration for those foreign insurers shall not apply to any commercially domiciled insurer within this state, as provided in Section 1215.14. Any insurer that is subject to registration under this section shall register within 60 days after the effective date of this article or 15 days after it becomes subject to registration, whichever is later, and annually thereafter by April 30 of each year for the previous calendar year, unless the commissioner for good cause shown extends the time for registration. The commissioner may require a holding company system that is not subject to registration under this section to furnish a copy of the registration statement or other information filed by the insurance company with the insurance regulatory authority of domiciliary jurisdiction.

(b)Every insurer subject to registration shall file a registration statement with the commissioner on a form and in a format prescribed by the NAIC, which shall contain current information about the following:

(1)The capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer.

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Legislative history

Amended by Stats. 2022, Ch. 28, Sec. 116. (SB 1380) Effective January 1, 2023.