California Insurance Code

§ 11692.5

INS § 11692.5 Effective Jan 1, 2006Div. 2 · Part 3 · Ch. 3 · Art. 1

Statute text

On and after the effective date of this article, the commissioner shall collect a late filing fee from any admitted insurer or reinsurer that fails to deposit the securities when required by this code in the following amount:

(a)If the deposit shortfall is outstanding for less than 31 days, 0.5 percent of the deposit shortfall, but in no event not less than six hundred dollars ($600).

(b)If the deposit shortfall is outstanding for more than 30 days but less than 61 days, an additional late filing fee in the amount of 1 percent of the deposit shortfall, but in no event not less than one thousand two hundred dollars ($1,200) shall be due.

…

Legislative history

Amended by Stats. 2005, Ch. 415, Sec. 8. Effective January 1, 2006.