reglab/statecodes huggingface dataset:
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.69 - The Insurance Commissioner's Decision

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) Within 60 days after the case is
				  submitted for decision, the hearing officer shall prepare and deliver to the
				  Commissioner a proposed decision in a form that may be adopted as the decision
				  in the case. Failure of the hearing officer to deliver a proposed decision
				  within the time required does not prejudice the rights of the Department in the
				  case.
(b) The Commissioner shall
				  issue his or her decision within 60 days of receipt of the proposed
				  decision.
(c) The Commissioner may
				  adopt the proposed decision in its entirety or he may make technical or other
				  minor changes in the proposed decision and adopt it as the decision. Action by
				  the Commissioner under this subsection is limited to a clarifying change or a
				  change of a similar nature that does not affect the factual or legal basis of
				  the proposed decision.
(d) If the
				  proposed decision is not adopted as provided in subsection (c), the
				  Commissioner may decide the case upon the record, including the transcript, or
				  an agreed statement of the parties, with or without taking additional evidence,
				  or may refer the case to the same hearing officer if reasonably available,
				  otherwise to another hearing officer, to take additional evidence. Upon
				  request, a copy of the record shall be made available to the parties, at their
				  cost.
(e) If the case is assigned
				  to a hearing officer, he or she shall prepare a proposed decision as provided
				  in subsection (a) upon the additional evidence and the transcript and other
				  papers which are part of the record of the prior hearing.
(f) The Commissioner shall decide no case
				  provided for in subsection (e) without affording the parties the opportunity to
				  present either oral or written argument before the Commissioner.
(g) The proposed decision shall be deemed
				  adopted by the Commissioner 60 days after delivery by the hearing officer,
				  unless within that time
(1) the Commissioner
				  notifies the parties that the proposed decision is not adopted as provided in
				  subsection (d) and commences proceedings to decide the case upon the record,
				  including the transcript, or
(2)
				  the Commissioner refers the case to the hearing officer to take additional
				  evidence.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.71 - Effective Date of Decision

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The decision shall become effective 30 days after it is
					 delivered or mailed to the parties unless a reconsideration is ordered within
					 that time, or the Commissioner orders that the decision shall become effective
					 sooner.
1. New
					 section filed 2-22-99 as an emergency; operative 2-22-99 (Register 99, No. 9).
					 A Certificate of Compliance must be transmitted to OAL by 6-18-99 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New section refiled 6-18-99 as an emergency; operative
					 6-18-99 (Register 99, No. 25). A Certificate of Compliance must be transmitted
					 to OAL by 10-18-99 or emergency language will be repealed by operation of law
					 on the following day.
3. New section refiled 10-18-99 as an
					 emergency; operative 10-19-99 (Register 99, No. 43). A Certificate of
					 Compliance must be transmitted to OAL by 2-16-2000 or emergency language will
					 be repealed by operation of law on the following day.
4. Repealed by
					 operation of Government Code section
					 11346.1(g)
					 (Register 2000, No. 6).
5. New section filed 2-10-2000; operative
					 3-11-2000 (Register 2000, No. 6).
6. Change without regulatory
					 effect amending NOTE filed 6-3-2003 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2003, No. 23).
Note: Authority cited: Section
						11400.20,
						Government Code; and Section
						11753.1,
						Insurance Code. Reference: Section
						11415.10,
						Government Code; and Sections
						11734,
						11737(f),
						11750,
						11752.6(c),
						11753.1(a)
						and
						11753.1(b),
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.72 - Reconsideration

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner may order a reconsideration of all or part
					 of the case on his or her own motion or on petition of any party. Petitions for
					 reconsideration must be served on all parties. The power to order a
					 reconsideration shall expire 30 days after service of a decision on the
					 parties, or on the date set by the Commissioner as the effective date of the
					 decision if that date occurs prior to the expiration of the 30-day period or at
					 the termination of a stay of not to exceed 30 days which the Commissioner may
					 grant for the purpose of filing an application for
					 reconsideration.
1. New
					 section filed 2-22-99 as an emergency; operative 2-22-99 (Register 99, No. 9).
					 A Certificate of Compliance must be transmitted to OAL by 6-18-99 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New section refiled 6-18-99 as an emergency; operative
					 6-18-99 (Register 99, No. 25). A Certificate of Compliance must be transmitted
					 to OAL by 10-18-99 or emergency language will be repealed by operation of law
					 on the following day.
3. New section refiled 10-18-99 as an
					 emergency; operative 10-19-99 (Register 99, No. 43). A Certificate of
					 Compliance must be transmitted to OAL by 2-16-2000 or emergency language will
					 be repealed by operation of law on the following day.
4. Repealed by
					 operation of Government Code section
					 11346.1(g)
					 (Register 2000, No. 6).
5. New section filed 2-10-2000; operative
					 3-11-2000 (Register 2000, No. 6).
6. Change without regulatory
					 effect amending NOTE filed 6-3-2003 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2003, No. 23).
Note: Authority cited: Section
						11400.20,
						Government Code; and Section
						11753.1,
						Insurance Code. Reference: Section
						11415.10,
						Government Code; and Sections
						11734,
						11737(f),
						11750,
						11752.6(c),
						11753.1(a)
						and
						11753.1(b),
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.73 - Contents of Petition

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Petitions for reconsideration shall be based solely upon,
					 and shall set forth specifically, the grounds upon which the decision of the
					 Commissioner allegedly is contrary to law or is erroneous. A petition for
					 reconsideration shall not refer to, or introduce, any evidence which was not
					 part of the record of the evidentiary hearing. Any such evidence nonetheless
					 provided shall be accorded no weight. Copies of documents received in evidence
					 or already part of the record shall be referenced and attached as
					 exhibits.
1. New
					 section filed 2-22-99 as an emergency; operative 2-22-99 (Register 99, No. 9).
					 A Certificate of Compliance must be transmitted to OAL by 6-18-99 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New section refiled 6-18-99 as an emergency; operative
					 6-18-99 (Register 99, No. 25). A Certificate of Compliance must be transmitted
					 to OAL by 10-18-99 or emergency language will be repealed by operation of law
					 on the following day.
3. New section refiled 10-18-99 as an
					 emergency; operative 10-19-99 (Register 99, No. 43). A Certificate of
					 Compliance must be transmitted to OAL by 2-16-2000 or emergency language will
					 be repealed by operation of law on the following day.
4. Repealed by
					 operation of Government Code section
					 11346.1(g)
					 (Register 2000, No. 6).
5. New section filed 2-10-2000; operative
					 3-11-2000 (Register 2000, No. 6).
6. Change without regulatory
					 effect amending NOTE filed 6-3-2003 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2003, No. 23).
Note: Authority cited: Section
						11400.20,
						Government Code; and Section
						11753.1,
						Insurance Code. Reference: Section
						11415.10,
						Government Code; and Sections
						11734,
						11737(f),
						11750,
						11752.6(c),
						11753.1(a)
						and
						11753.1(b),
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.74 - Response

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A response of other parties to a petition for
					 reconsideration is not required. However, if a response is provided, it must be
					 filed and served within fifteen (15) days of service of the petition for
					 reconsideration.
1. New
					 section filed 2-22-99 as an emergency; operative 2-22-99 (Register 99, No. 9).
					 A Certificate of Compliance must be transmitted to OAL by 6-18-99 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New section refiled 6-18-99 as an emergency; operative
					 6-18-99 (Register 99, No. 25). A Certificate of Compliance must be transmitted
					 to OAL by 10-18-99 or emergency language will be repealed by operation of law
					 on the following day.
3. New section refiled 10-18-99 as an
					 emergency; operative 10-19-99 (Register 99, No. 43). A Certificate of
					 Compliance must be transmitted to OAL by 2-16-2000 or emergency language will
					 be repealed by operation of law on the following day.
4. Repealed by
					 operation of Government Code section
					 11346.1(g)
					 (Register 2000, No. 6).
5. New section filed 2-10-2000; operative
					 3-11-2000 (Register 2000, No. 6).
6. Change without regulatory
					 effect amending NOTE filed 6-3-2003 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2003, No. 23).
Note: Authority cited: Section
						11400.20,
						Government Code; and Section
						11753.1,
						Insurance Code. Reference: Section
						11415.10,
						Government Code; and Sections
						11734,
						11737(f),
						11750,
						11752.6(c),
						11753.1(a)
						and
						11753.1(b),
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.7 - Workers' Compensation Insurance Procedural Requirements and Standards Applicable to Employers, Insurers, and Rating Organizations in the Initiation of and Response to Requests for Review, Requests for Policyholder Information, and Requests for Reconsideration Provided in Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a) and 11753.1(b), and, Rules of Practice and Procedure for Appeals to the Insurance Commissioner Pursuant to Insurance Code Sections 11737(f), 11752.6(c), 11753.1(a), 11753.1(b) and 11753.1 › Section 2509.75 - Hearing on Petition

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The Commissioner may, but is not required to hold a hearing
					 or accept argument on the petition for reconsideration.
1. New
					 section filed 2-22-99 as an emergency; operative 2-22-99 (Register 99, No. 9).
					 A Certificate of Compliance must be transmitted to OAL by 6-18-99 or emergency
					 language will be repealed by operation of law on the following
					 day.
2. New section refiled 6-18-99 as an emergency; operative
					 6-18-99 (Register 99, No. 25). A Certificate of Compliance must be transmitted
					 to OAL by 10-18-99 or emergency language will be repealed by operation of law
					 on the following day.
3. New section refiled 10-18-99 as an
					 emergency; operative 10-19-99 (Register 99, No. 43). A Certificate of
					 Compliance must be transmitted to OAL by 2-16-2000 or emergency language will
					 be repealed by operation of law on the following day.
4. Repealed by
					 operation of Government Code section
					 11346.1(g)
					 (Register 2000, No. 6).
5. New section filed 2-10-2000; operative
					 3-11-2000 (Register 2000, No. 6).
6. Change without regulatory
					 effect amending NOTE filed 6-3-2003 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2003, No. 23).
Note: Authority cited: Section
						11400.20,
						Government Code; and Section
						11753.1,
						Insurance Code. Reference: Section
						11415.10,
						Government Code; and Sections
						11734,
						11737(f),
						11750,
						11752.6(c),
						11753.1(a)
						and
						11753.1(b),
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.8 - Workers' Compensation Deductible Policies › Section 2509.81 - Collateral, Accounting and Credit Risk Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) In order to secure the deductible amount
				  of any Workers' Compensation Deductible Policy, an insurer may collateralize
				  the California Deductible Ultimate Receivables according to the collateral and
				  security requirements specified in subdivision (b)(1) of this Section
				  2509.81. Another option that may
				  be available to the Insurer is to collateralize the Multiline Deductible
				  Ultimate Receivables according to the collateral and security requirements
				  specified in subdivision (b)(2) of this section.
However, if an Insurer issues a Workers' Compensation High
					 Deductible Policy that insures against a potential California Worker's
					 Compensation Claim, the Insurer shall, for as long as there remain any
					 California Deductible Ultimate Receivables under the policy, comply with the
					 provisions of either subdivision (a)(1) or subdivision (a)(2) of this
					 section.
(1) The Insurer shall, for
				  each Workers' Compensation High Deductible Policy that insures against a
				  potential California Worker's Compensation Claim, report on its Financial
				  Statements as required by subdivision (a)(1)(A) or subdivision (a)(1)(B),
				  below:
(A) In the event that the Insurer
				  elects to comply with the requirements of this section by using
				  California-dedicated workers'-compensation-only resources as specified in
				  subdivision (b)(1) of this section, the Insurer shall report any portion of the
				  California Deductible Ultimate Receivables that is not collateralized according
				  to the collateral and security requirements specified in such subdivision
				  (b)(1), as follows:
1. any portion of the
				  California Deductible Recoverable that is not collateralized according to the
				  collateral and security requirements specified in subdivision (b)(1) shall be
				  reported as a non-admitted asset, and
2. any portion of the California Deductible
				  Reserves that is not collateralized according to the collateral and security
				  requirements specified in subdivision (b)(1) shall be reported as a write-in
				  liability on the balance sheet, or
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 9.8 - Workers' Compensation Deductible Policies › Section 2509.82 - Effectiveness

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This article shall apply to Workers' Compensation
					 Deductible Policies issued or renewed on or after January 1,
					 2019.
1. New
					 section filed 11-29-2018; operative 1-1-2019 (Register 2018, No.
					 48).
Note: Authority cited: Section
						11736.5,
						Insurance Code. Reference: Section
						11736.5,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510 - Purpose and Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The rules and regulations set forth in this article are
					 necessary to carry out the provisions of Chapter 2A, Part 6, Division 2 of the
					 Insurance Code.
1. New
					 article 10 (Sections
					 2510 through
					 2521) filed 6-14-62; designated
					 effective July 15, 1962 (Register 62, No. 12).
Note: Authority cited for Article 10: Sections
						12640.04,
						12640.16
						and
						12640.18,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.1 - Financial Statements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The financial statements required by Section
					 12640.16(a)
					 of the Insurance Code and quarterly statements with complete schedules shall be
					 furnished on the form of financial statements prescribed for use by fire and
					 casualty insurers; except that the unearned premium reserves, the contingency
					 reserves, and the loss reserves required by Sections
					 12640.16(b),
					 12640.04 and
					 12640.16(c),
					 respectively, of the Insurance Code shall be shown in accordance with the
					 provisions of said sections of the Insurance Code and Sections
					 2513,
					 2514 and
					 2515 hereof.
1.
					 Renumbering of Section
					 2511 to
					 2510.1 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.2 - Same; Reporting of Expenses

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Expenses shall be recorded and reported in accordance with
					 the "Uniform Classification of Expenses of Fire and Marine Casualty and Surety
					 Insurers" as required in said annual statement.
1.
					 Renumbering of Section
					 2512 to Section
					 2510.2 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.3 - Computation of Unearned Premium Reserve

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Mortgage Guaranty insurers shall compute the unearned
					 premium reserve on a monthly pro rata basis, except in the case of premiums
					 paid in advance for four, five, six, seven, eight, nine, ten, eleven, twelve,
					 thirteen, fourteen, or fifteen-year policies the annual unearned premium
					 factors specified below shall apply (or comparable factors to be applied
					 monthly consistent with the schedule below on the basis that one-twelfth of the
					 earned premium for each contract year is earned during each month
					 therein):
Unearned Premium Factor at
								Valuation Date
*
Contract Year Current at Valuation
							 Date
4 year Policy
5 year
							 Policy
6 year Policy
7 year
							 Policy
8 year Policy
9 year
							 Policy
10 year Policy
11 year
							 Policy
12 year Policy
13 year
							 Policy
14 year Policy
15 year
							 Policy
1
95.7%
96.5%
97.0%
97.3%
97.5%
97.7%
97.7%
97.8%
97.8%
97.8%
97.8%
97.8%
2
76.4
81.0
83.7
85.4
86.5
87.3
87.6
87.9
88.1
88.1
88.2
88.2
3
45.2
56.0
62.2
66.2
68.8
70.4
71.3
71.9
72.3
72.5
72.6
72.6
4
14.5
31.3
41.1
47.4
51.3
53.8
55.3
56.1
56.7
57.1
57.2
57.3
5
9.9
22.7
31.0
36.2
39.4
41.3
42.5
43.2
43.7
43.9
44.0
6
7.1
17.1
23.3
27.2
29.5
30.9
31.8
32.3
32.7
32.8
7
5.4
12.5
16.9
19.6
21.2
22.1
22.8
23.2
23.3
8
3.8
8.6
11.6
13.3
14.4
15.1
15.3
15.7
9
2.5
5.6
7.5
8.6
9.3
9.9
10.1
10
1.6
3.4
4.6
5.4
6.0
6.2
11
0.9
2.1
2.9
3.5
3.7
12
0.6
1.3
1.9
2.1
13
0.4
0.9
1.1
14
0.3
0.5
15
0.1
* Includes
							 50% of the earned premium applicable to the contract year current at valuation
							 date. This is necessary if it is assumed the average policy is written in the
							 middle of the contract year and these factors are applied annually to groups of
							 policies segregated by policy term and expiration year.
Whenever the laws of any other jurisdiction in which a
					 mortgage guaranty insurer subject to the requirements of this section is also
					 licensed to transact mortgage guaranty insurance require a larger unearned
					 premium reserve in the aggregate than that set forth herein, the establishment
					 of such larger unearned premium reserve shall be deemed to be compliance with
					 this section.
1. Amendment
					 filed 10-25-74; designated effective 1-1-75 (Register 74, No.
					 43).
2. Renumbering of Section
					 2513 to Section
					 2510.3 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.4 - Reporting of Contingency Reserve

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The contingency reserve established and maintained as
					 required by Section
					 12640.04 of
					 the Insurance Code shall be reported in the annual statement as a liability,
					 but this requirement shall not affect the computation of the amount of mortgage
					 guaranty insurance which may be written in accordance with the provisions of
					 Sections
					 12640.05 or
					 12640.08 of
					 the Insurance Code.
1.
					 Renumbering of Section
					 2514 to Section
					 2510.4 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.5 - Determination of Actual Loss; Valuation of Loss Reserves

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The actual loss of the mortgage guaranty insurer on any
					 claim shall be determined as of the time of the settlement of the loss with the
					 insured. In setting up the loss reserves on the case basis as required by
					 Section 12640.16(c), any
					 estimate of loss expected to be paid on any claim, or ultimately to be suffered
					 on any claim settled by acquisition of title to the encumbered real estate or
					 the authorized real estate security (as the term is defined in Section
					 12640.02(b)
					 of the Insurance Code) shall be the maximum liability of the insurer under its
					 policy of mortgage guaranty insurance until a different estimate of any such
					 loss is supported by an appraisal by a qualified real estate appraiser of the
					 real estate so acquired or which secures the authorized real estate security.
					 No real property or authorized real estate security may be valued at an amount
					 greater than that permitted for the valuation thereof by fire and casualty
					 insurers.
1.
					 Renumbering of Section
					 2515 to Section
					 2510.5 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.6 - Withdrawal from Contingency Reserve

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Withdrawals shall be made from the contingency reserve
					 required to be maintained under Insurance Code Section
					 12640.04 of
					 that portion of such reserve which has been established more than 120 months
					 prior to the date of any such withdrawal, and shall no longer constitute any
					 part of the contingency reserve.
1. Amendment
					 filed 5-28-74 as procedural and organizational; effective upon filing (Register
					 74, No. 22).
2. Renumbering of Section
					 2516 to Section
					 2510.6 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.7 - Use of Contingency Reserves for Loss Payments

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Subject to the written consent of the Insurance
					 Commissioner or supervisory official of the jurisdiction in which a mortgage
					 guaranty insurer is domiciled, the contingency reserve shall be available for
					 loss payments only when and to the extent that the incurred losses in any
					 calendar year exceed expected losses for such year. The term "expected losses"
					 as used herein and in Section
					 12640.04 of
					 the Insurance Code is defined to mean an amount equal to 20 percent of the
					 premium earned during such calendar year without diminution because of
					 contributions to the contingency reserve.
1.
					 Renumbering of Section
					 2517 to Section
					 2510.7 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.8 - Same; Accounting Basis

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Release of moneys from the contingency reserve for payment
					 of losses in accordance with Section
					 2517 shall be on the
					 first-in-first-out basis.
1.
					 Renumbering of Section
					 2518 to Section
					 2510.8 filed 8-23-78; effective
					 thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.9 - Policy Form Requirements

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Mortgage guaranty insurance policy forms, defined in
					 Section
					 12640.02(a)
					 of the California Insurance Code and issued for delivery in this State, shall
					 contain the following:
(a) An insuring
				  clause;
(b) A schedule specifying
				  the effective date of coverage, the policy period, and the insurance premium
				  applied;
(c) Renewal
				  provision;
(d)
				  Definitions;
(e) Conditions
				  precedent to filing a claim, if applicable, including but not necessarily
				  limited to:
(1) The presence of adequate
				  hazard insurance covering damage to the property at the time of loss;
(2) Payment of all taxes;
(3) Payment of all sales expenses;
(4) Payment of all foreclosure
				  costs;
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.10 - Specific Requirements Applicable to Pool Insurance Policies

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
In addition to the other requirements of this Article,
					 Sections 2510.11 through
					 2510.22 are added and made
					 applicable exclusively to mortgage guaranty insurers engaged in writing or
					 reinsuring mortgage guaranty insurance pursuant to pool insurance
					 policies.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.11 - Definition of Pool Insurance Policy

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A pool insurance policy is a policy of mortgage guaranty
					 insurance which insures the individual loans in a pool of mortgage loans that
					 are secured by real property in California and that collarteralize a
					 mortgagebacked security and which covers the losses on individual loans,
					 subject to an aggregate loss limit, for the benefit of the insured or its named
					 beneficiary.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.12 - Limitation on Exposure. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
2. Repealer filed 9-5-85; effective thirtieth day thereafter
					 (Register 85, No. 36).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.13 - Substitution of Mortgage Loans

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any pool mortgage loans insured must be on a "closed end"
					 basis and no substitution of mortgage loans will be allowed; provided, however,
					 if a loan in the pool is paid in full by the borrower, within thirty (30) days
					 after inception of the insurance policy another loan may be substituted to
					 replace the original loan; the substituted mortgage loan must be made subject
					 to underwriting and review by the mortgage guaranty insurer and be found
					 acceptable to the insurer prior to being added to the pool.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.14 - Assumption or Substitution of Borrowers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Assumption without the release of the original borrower is
					 permitted. Any assumption that leads to the release of the original borrower
					 and substitution of a new borrower shall be considered a termination of the
					 insurance coverage extended under the pool insurance policy as to that
					 particular loan unless all of the following conditions are met:
(a) At the time of substitution, the loan is
				  for no greater than the amount of outstanding balance on the original loan
				  insured;
(b) It is limited to the
				  same property as originally insured;
(c) The interest rate is the same as the
				  interest rate on the original loan if fixed, or if it is a variable interest
				  rate, it does not exceed the maximum interest rate allowable under law on the
				  original mortgage loan insured;
(d)
				  The criteria applied in the underwriting and credit evaluation of the
				  substituted borrower is not less favorable to the insurer than that criteria
				  applied to the original borrower;
(e) The substitution is made subject to the
				  prior approval of the mortgage guaranty insurer;
(f) The existing coverage is not, in whole or
				  in part, changed or affected as to the individual insured mortgage loan to be
				  substituted or as to the overall pool insurance policy, and
(g) No substitution mortgage loan in any one
				  pool shall remain covered under the pool insurance policy if its remaining
				  principal balance at the time the substitution occurs, when added to the then
				  current remaining principal balances of all previously substituted mortgage
				  loans, exceeds the unexhausted and available aggregate ceiling of loss under
				  the same pool insurance policy at the time of such calculation.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.15 - Minimum Requirements. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
2. Repealer of subsection (d) and consecutive relettering of
					 subsection (e) filed 11-21-80 as an emergency; effective upon filing (Register
					 80, No. 47). A Certificate of Compliance must be transmitted to OAL within 120
					 days or emergency language will be repealed on 3-21-81.
3.
					 Certificate of Compliance transmitted to OAL 3-20-81 and filed 4-17-81
					 (Register 81, No. 16).
4. Repealer filed 11-13-81; effective
					 thirtieth day thereafter (Register 81, No. 46).
Note: Authority cited: Section
						12640.18,
						Insurance Code. Reference: Sections
						12640.01-
						12640.19,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.16 - Liability Limitations

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The total liability of mortgage guaranty insurer under a
					 pool insurance policy shall be limited as follows:
(a) To the maximum aggregate ceiling of
				  loss;
(b) If a mortgage guaranty
				  insurer agrees to write in excess of twenty-five percent (25%) at risk of the
				  entire indebtedness on individual mortgage loans, through utilization of
				  reinsurance, as provided for in Section
				  12640.09(c)
				  of the California Insurance Code, the total net liability of such insurer under
				  the pool insurance policy, both directly and indirectly, shall be limited to
				  the actual amount of loss to the insured on each individual loan
				  insured;
(c) The determination of
				  the actual amount of loss to the insured shall not be subject to any adjustment
				  resulting in any credit due to deductions, netting, or otherwise, upon resale
				  of the property in the event that the mortgage guaranty insurer exercises its
				  option during the claims period to acquire the property to mitigate its losses,
				  other than that which is described under Section
				  2510.9(m)(1) of
				  this Article, and
(d) The maximum
				  liability of the insurer will be reached when the cumulative actual amount of
				  loss to the insured equals the initial aggregate loss limit under the pool
				  insurance policy.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.17 - Assignments of Title to Mortgage Properties

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Upon claim and foreclosure all titles to the mortgaged
					 properties insured must be freely assignable to the mortgage guaranty insurer
					 without any conditions, restrictions or limitations, whether contractual or
					 otherwise, being imposed by any party who is or might be involved in any
					 capacity under the pool insurance policy or the pool loan
					 arrangement.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.18 - Premium

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A mortgage guaranty insurer is entitled to receive the full
					 premium agreed upon under the pool insurance policy. Upon achieving the
					 aggregate ceiling of loss under the policy, the insurance coverage terminates
					 automatically. The mortgage guaranty insurer is then entitled to accelerate and
					 call for the balance of the premium if the aggregate ceiling of loss is reached
					 prior to the twelfth (12th) contract year of such insurance policy. Assuming
					 that the premium for the policy has been prepaid for a twelve (12) year period,
					 the premium is then adjusted by the premium actually paid under the policy. The
					 resulting balance then must be reduced to the present value by applying a
					 reasonable rate of interest. The following steps are used in the additional
					 premium calculation:
(a) Average
				  monthly premium collected to date multiplied by 144 months = Total expected
				  premium for 12 year period.
(b)
				  Multiply "total expected premium" from subsection (a) of this Section by the
				  appropriate cumulative earned factor from the following table (as specified in
				  the California Administrative Code, Title 10, Chapter 5, Subchapter 3, Article
				  10, Section
				  2513). The result will equal the
				  total premium to be earned between inception and termination as follows:
Termination at End of
								Contract Year
Cumulative Earned
								Factor
1
.044
2
.195
3
.360
4
.506
5
.630
6
.735
7
.823
8
.890
9
.938
10
.970
11
.989
12
1.000
(Total premium earned
(Total
							 expected
(Cumulative
between inception and
							 termination)
=
premium from subsection (a) of this
							 Section)
x
earned factor)
If this step results in a negative figure, this subsection
					 is to be disregarded.
(c)
Initial additional premium
							 =
(Earned premium under subsection (b) of this Section less
							 premium already paid)
(d)
Additional premium
							 due
(Total premium from x
1
(1 +
							 i)n
mortgage guaranty insurer =
subsection (c) of this Section)
whereby:
i = annual rate of
							 interest.
n = years from
							 termination to end of assumed 12 year period.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.19 - Proration of Earned Premium Factor

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Pursuant to subsection (b) of Section
					 2510.18 of this Article, if
					 termination of the pool insurance policy occurs during the year, the earned
					 premium factor of the current year must be prorated and added to the cumulative
					 earned premium factor of the prior year.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.20 - Limitations on Assuming Mortgage Guaranty Insurers Under Reinsurance Contracts

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The assuming insurer to a reinsurance agreement under a
					 pool insurance policy, as described in Section
					 12640.09(a)
					 of the California Insurance Code, shall be subject to the same limitations and
					 restrictions on its portion of retention or assumed insurance writings as the
					 direct writer and shall retain only a maximum of twenty-five percent (25%) at
					 risk of the entire indebtedness on individual mortgage loans and must reinsure
					 the excess. No reinsurer shall retain more than twenty-five percent (25%) of
					 the amount at risk on individual mortgage loans.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.21 - Affiliated Mortgage Guaranty Insurers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
A ceding insurer shall not reinsure any pooled mortgage
					 loans under a pool insurance policy with an affiliated company. A mortgage
					 guaranty insurer shall not participate in any reinsurance contract under pooled
					 mortgage loans, directly or indirectly, with an affiliated insurance
					 company.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2510.22 - Filing of Reinsurance Contracts, Prospectus and Private Placement Memorandum

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Within thirty (30) days after a pool insurance policy is
					 issued, reinsurance contracts, final prospectus and private placement
					 memorandum must be filed with the Insurance Commissioner for reporting purposes
					 and the Commissioner may request such other information and documentation as he
					 deems necessary and proper.
1. New
					 section filed 8-23-78; effective thirtieth day thereafter (Register 78, No.
					 34).
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2519 - Filing of Policy Forms. [Repealed]

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
1. Repealer
					 filed 8-23-78; effective thirtieth day thereafter (Register 78, No. 34). For
					 history of former section see Register 62, No.
					 12.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2520 - Licensing of Producers

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Any person engaging in the transaction of mortgage guaranty
					 insurance with or on behalf of a mortgage guaranty insurer is subject to the
					 provisions of Chapter 5, Part 2, Division 1 (commencing at Section
					 1621) of the Insurance Code. Any
					 person not exempt from licensing pursuant to the provisions of such chapter
					 shall obtain the requisite fire and casualty license pursuant thereto before
					 engaging in any such transaction.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10 - Mortgage Guaranty Insurers › Section 2521 - Limitation Investments Mortgage Guaranty Insurer

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
No mortgage guaranty insurer may invest in notes or other
					 evidences of indebtedness secured by a mortgage or other lien upon real
					 property. This section shall not apply to obligations secured by, or contracts
					 for the sale of, real property, which obligations or contracts of sale are
					 acquired in the course of the good faith settlement of claims under policies of
					 insurance issued by the mortgage guaranty insurer, or in the good faith
					 disposition of real property so acquired.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10.1 - Investment Annuities › Section 2522 - Authority

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article is promulgated pursuant to the authority
					 granted to the Insurance Commissioner under the provisions of Section
					 790.10 of
					 the Insurance Code.
1. New
					 Article 10.1 (Sections
					 2522,
					 2522.1-2522.16) filed 8-19-76;
					 effective thirtieth day thereafter (Register 76, No.
					 34).
Note: Authority cited: Section
						790.10,
						Insurance Code.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10.1 - Investment Annuities › Section 2522.1 - Prior Inconsistent Bulletins Superseded

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article supersedes Bulletin No. 73-14 and Bulletin No.
					 74-5, previously issued by this Department relating to the subject matter of
					 investment annuities.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10.1 - Investment Annuities › Section 2522.2 - Purpose

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
The purpose of this Article is to establish qualification
					 procedures for the transaction of an investment annuity business in this State,
					 policy form approval and advertising guidelines applicable to the issuance of
					 investment annuity policies, and requirements for the establishment of
					 segregated custodian accounts. This Department's review of and experience with
					 investment annuities indicates that this Article is necessary due to the
					 complexity of the product, the potential for abuses in marketing, and the
					 possible effect upon the financial condition of the insurer. This Article
					 establishes specific standards and guidelines for the transaction of an
					 investment annuity business under the general authority of the Unfair Practices
					 provisions of the Insurance Code in Sections
					 790 through
					 790.10.
California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 10.1 - Investment Annuities › Section 2522.3 - Applicability

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
This Article shall apply to all persons and entities
					 specified in Insurance Code Section
					 790.01 and
					 authorized to transact life insurance in this State.