California Insurance Code

§ 10489.992

INS § 10489.992 Effective Jan 1, 2016Div. 2 · Part 2 · Ch. 5 · Art. 3a

Statute text

(a)(1) The commissioner may hire and assign department staff, and retain nondepartment actuaries and other consultants, to assist the commissioner with preparing to implement and implementing, directly or indirectly, principle-based valuation.

(2)There is in state government the Office of Principle-Based Reserving within the department. The commissioner may select, for the Governor’s appointment, a person to serve as the head of the office, who is an expert in preparing to implement and implementing, directly or indirectly, principle-based valuation. The position occupied by that person shall be an exempt gubernatorial appointment within the department exempt from the state civil service system within the meaning of Section 4 of Article VII of the California Constitution. The person’s salary or compensation shall be fixed by the commissioner and effective and payable without approval of the Department of Human Resources, pursuant to Section 19825 of the Government Code.

(b)(1) Notwithstanding any other law, the commissioner may annually assess all companies that are subject to this article to defray costs the department incurs preparing to implement and implementing, directly or indirectly, principle-based valuation, including, but not limited to, department salaries and overhead, and actuary and consultant fees and expenses.

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Legislative history

Added by Stats. 2015, Ch. 658, Sec. 24. (SB 696) Effective January 1, 2016.