California Insurance Code

§ 1560.05

INS § 1560.05 Effective Jan 1, 1999Div. 1 · Part 2 · Ch. 3 · Art. 17

Statute text

(a)The commissioner shall examine the plan submitted pursuant to Section 1560.03. As a part of the examination the commissioner shall order a public hearing of the plan after written notice of the hearing to the domestic reciprocal insurer and its subscribers and the public, all of whom shall have the right to appear at the hearing. The hearing shall occur before the policyholder vote. The commissioner may require as a condition of consent that the domestic reciprocal insurer make modifications of the proposed plan that the commissioner finds necessary for the protection of policyholders. The commissioner shall consent to the plan if he or she finds all of the following:

(1)The plan is fair, just, and equitable to the insurer and its policyholders.

(2)The plan does not violate the law.

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Legislative history

Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.