California Insurance Code

§ 922.85

INS § 922.85 Effective Jan 1, 2021Div. 1 · Part 2 · Ch. 1 · Art. 10

Statute text

(a)The commissioner may adopt regulations in accordance with the procedures provided in Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code or otherwise prescribe requirements consistent with Sections 922.4, 922.41, 922.42, 922.425, 922.43, and 922.5, provided the commissioner may update subparagraph (A) of paragraph (1) of subdivision (h) and subdivision (i) of Section 922.41 to add other nationally recognized statistical rating agencies, or to modify the rating categories, the corresponding financial ratings, or the percentage of security required to conform to changes in these factors adopted by the National Association of Insurance Commissioners (NAIC).

(b)(1) The commissioner may adopt regulations applicable to reinsurance arrangements described in paragraph (2).

(2)A regulation adopted pursuant to this subdivision may apply only to reinsurance relating to the following:

…

Legislative history

Amended by Stats. 2020, Ch. 71, Sec. 5. (AB 2049) Effective January 1, 2021.