California Insurance Code

§ 132

INS § 132 Effective Jan 1, 2018Div. 1 · Part 1 · Ch. 1.5

Statute text

Risk retention groups chartered, incorporated, or licensed in states other than this state and seeking to do business as a risk retention group in this state shall file a notice of operation with the commissioner of its intention to do business in this state. The notice shall be filed with the commissioner within 60 days of the filing by the group of any notice filed with its chartering state of its intention to do business in this state, but in no event may a notice of intended operation be filed with the commissioner less than 60 days prior to the group commencing business in this state. In doing business in this state the risk retention group shall observe and abide by the laws of this state including the following:

(a)A risk retention group shall submit to the commissioner all of the following:

(1)A statement identifying the state or states in which the risk retention group is chartered and licensed as a liability insurance company, date of chartering, its principal place of business, and other information, including information on its membership, as the commissioner of this state may require to verify that the risk retention group is qualified under subdivision (k) of Section 130.

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Legislative history

Amended by Stats. 2017, Ch. 534, Sec. 2. (AB 1699) Effective January 1, 2018.