California Insurance Code

§ 717.5

INS § 717.5 Effective Jan 1, 2018Div. 1 · Part 2 · Ch. 1 · Art. 3

Statute text

(a)For purposes of Sections 700 and 717, the commissioner may determine that an insurer admitted and domiciled in this state, or an insurer applying to become admitted and domiciled in this state, including an applicant pursuant to subdivision (a) of Section 709.5, is qualified to be designated as a professional reinsurer, if the commissioner determines that the insurer is all of the following:

(1)Principally engaged in the business of reinsurance.

(2)Does not conduct significant amounts of direct insurance as percentage of its net premiums.

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Legislative history

Amended by Stats. 2017, Ch. 534, Sec. 8. (AB 1699) Effective January 1, 2018.