California Insurance Code

§ 922.3

INS § 922.3 Effective Jan 1, 1997Div. 1 · Part 2 · Ch. 1 · Art. 10

Statute text

Notwithstanding any other provision of law, credit for reinsurance, as either an asset or a deduction, shall not be allowed in any accounting or financial statement of the ceding insurer in respect to any so-called reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer, not only in form but in fact, against all or a part of the loss or liability arising out of the original insurance.

Legislative history

Amended by Stats. 1996, Ch. 840, Sec. 6. Effective January 1, 1997.