Is Cal. Ins. Code § 803 — Restrictions on Underwriting still in force?

Statute · California Insurance Code

Cal. Ins. Code § 803 — Restrictions on Underwriting

Cal. Ins. Code § 803

Type: Statute
Source: California Insurance Code
Jurisdiction: California
Date: 1996-01-01
Current through: Nov 2, 2026 (California Legislative Counsel)

Citator

Cal. Ins. Code § 803 — Restrictions on Underwriting is in force in the current edition of the Code, and nothing recorded condemns it.

(a) No admitted insurer shall assume or reinsure the liabilities of a nonadmitted insurer upon subject matter located in this state for the purpose of circumventing the rate and form provisions of this code, or the nonadmitted insurer provisions in Chapter 6 (commencing with Section 1760) of Part 2, and their implementing regulations. Notwithstanding Section 804, if, after notice and hearing, the commissioner determines that a reinsurance agreement was entered into in violation of this section, then the insurer shall be subject to a fine not to exceed five thousand dollars ($5,000), for each such reinsurance agreement, and the commissioner may enter any other corrective order he or she deems necessary.

(b) The commissioner shall issue a bulletin to govern the reporting to the department by admitted insurers of their reinsurance transactions with nonadmitted insurers. The bulletin shall specify the types of reinsurance subject to reporting, the amounts which shall be reported, and the manner in which that information shall be reported. The bulletin shall require reporting of sufficient information to enable the department to evaluate compliance with subdivision (a).