California Insurance Code

§ 11693

INS § 11693 Effective Jan 1, 2006Div. 2 · Part 3 · Ch. 3 · Art. 1

Statute text

The deposit required pursuant to Section 11691 shall be adjusted on or prior to March 31 of each year in an amount as follows:

(a)Not less than the sum of the following amounts computed, less credits and deductions allowable with respect to reinsurance in admitted insurers, as provided under Section 11691, as of the close of the last preceding December 31 or as of any calendar quarter end as directed by the commissioner pursuant to Section 11694 in respect to workers’ compensation insurance written subject to the workers’ compensation laws of this state:

(1)The aggregate of the present values at 6 percent interest, or at the rate of the company’s investment yield as determined by the NAIC Insurance Regulatory Information System Ratio Number 5 for Property and Casualty Companies, whichever is lower, of the determined and estimated future payments upon compensation claims not included in paragraph (2), including in those claims both benefits and loss expenses.

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Legislative history

Amended by Stats. 2005, Ch. 415, Sec. 9. Effective January 1, 2006.