California Insurance Code

§ 769.84

INS § 769.84Div. 1 · Part 2 · Ch. 1 · Art. 5.4

Statute text

(a)The insurer shall have on file an independent financial examination, in a form acceptable to the commissioner, of each MGA with which it has done business.

(b)If an MGA establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the MGA. This is in addition to any other required loss reserve certification.

(c)The insurer shall periodically (at least semiannually) conduct an onsite review of the underwriting and claims processing operations of the MGA.

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Legislative history

Added by Stats. 1991, Ch. 686, Sec. 1.