AB 1155, as introduced, Wilk. Insurance: disclosure: material transactions.
Existing law requires every domestic incorporated insurer to file a report with the Insurance Commissioner disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations, or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval, or information purposes, as specified. All reports obtained by, or disclosed to the commissioner are confidential.
This bill would make technical, nonsubstantive changes to these provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 1185 of the Insurance Code is amended
2to read:
(a) Every domestic incorporated insurer shall file a
2report with the commissioner disclosing material acquisitions and
3dispositions of assets or material nonrenewals, cancellations, or
4revisions of ceded reinsurance agreements unless the acquisitions
5and dispositions of assets or material nonrenewals, cancellations,
6or revisions of ceded reinsurance agreements have been submitted
7to the commissioner for review, approval, or information purposes
8pursuant to other provisions of this code, laws, regulations, or other
9requirements.
10(b) The report shall be filed within 15 days after the end of the
11calendar month in which any of the foregoing transactions occur.
12(c) One complete copy of the report, including any exhibits or
13other attachments filed as partbegin delete thereofend deletebegin insert
of the reportend insert, shall be filed
14with the department and the National Association of Insurance
15Commissioners.
16(d) All reports obtained by, or disclosed to the commissioner
17pursuant to this article, shall be given confidential treatment and
18shall not be subject to subpoena and shall not be made public by
19the commissioner, the National Association of Insurance
20Commissioners, or any other person, except to insurance
21departments of other states, without the prior written consent of
22the insurer to which it pertains unless the commissioner, after
23giving thebegin insert affectedend insert insurerbegin delete who would be affected thereby,end delete notice
24and an opportunity to be heard, determines that the interest of
25policyholders, shareholders, or the public will be
served by the
26publicationbegin delete thereofend deletebegin insert
of the reportend insert, in which event the commissioner
27may publish all or any partbegin delete thereofend deletebegin insert of the reportend insert inbegin delete suchend deletebegin insert theend insert manner
28begin delete asend delete he or shebegin delete may deemend deletebegin insert deemsend insert appropriate.
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