California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 12.9 - Life Settlements › Section 2548.15 - Provider Annual Statement

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) All licensed providers shall submit an
				  Annual Statement to the Commissioner on the form captioned "State of California
				  Department of Insurance Life Settlement Provider Annual Statement" referenced
				  in section
				  2548.31 herein. Each Annual
				  Statement shall be due no later than March 1 and shall cover the period in the
				  preceding calendar year.
(b) All
				  Annual Statements shall be accompanied by an audited financial statement
				  covering the 12-month period of the preceding calendar year or fiscal year. The
				  audited financial statement shall be received in confidence within the meaning
				  of subdivision (d) of section
				  7929.000
				  of the Government Code and exempt from disclosure pursuant to the Public
				  Records Act (Chapter 1 (commencing with section
				  7920.000) of Division 10 of Title
				  1 of the Government Code). The Commissioner may grant 60-day extensions of the
				  filing date for the audited financial statement upon a showing by the provider
				  and its independent certified public accountant of the reasons for requesting
				  each extension and the determination by the Commissioner of reasonable cause
				  for an extension. The request for an extension shall be submitted in writing
				  not less than 10 days prior to March 1 in sufficient detail to permit the
				  Commissioner to make an informed decision on the requested extension.
(c) Any provider's failure to timely file an
				  annual statement by March 1, or an audited financial statement 60 days
				  thereafter pursuant to the procedure described in Section
				  2548.15(b), shall
				  be grounds for the revocation of the provider's license pursuant to Section
				  2548.7(c).
1. New
					 section filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency
					 regulation shall remain in effect, not to be repealed by the Office of
					 Administrative Law, unless repealed by the Department of Insurance pursuant to
					 Insurance Code section
					 10113.35
					 (Register 2010, No. 31).
2. Change without regulatory effect
					 amending NOTE filed 1-24-2012 pursuant to section
					 100, title 1, California Code of
					 Regulations (Register 2012, No. 4).
3. Renumbering of former section
					 2548.15 to section
					 2548.16 and renumbering and
					 amendment of former section
					 2548.14 to new section
					 2548.15 filed 11-25-2014;
					 operative 1-1-2015 (Register 2014, No. 48).
4. Change without
					 regulatory effect amending subsection (b) and NOTE filed 7-26-2023 pursuant to
					 section 100, title 1, California Code of
					 Regulations (Register 2023, No. 30).
Note: Authority cited: Section
						10113.35,
						Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); and 20th
						Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections
						10113.2 and
						10113.3,
						Insurance Code; and Section
						7920.000 et seq., Government
						Code.