Certificate of Authority Section IV - Item #25
Report of Examination
A foreign insurer seeking admission to California shall submit in support of its application a current Report of Examination. The report must bear an examination date of no more than three years from the date the application for admission is filed.
If a current Report of Examination is unavailable, the Department may allow an exception. To qualify for this exception, the applicant must submit a supplemental filing within 30 days of notification. The supplemental filing must satisfy all of the following:
- No current examination report is available, but one not older than four (4) years is available; and
- The applicant must provide an update of the forepart of such report (i.e., history through accounts and records) certified as true and correct by an officer of the applicant; and
- The applicant must provide an independent audit report, including the management letter, not older than one year; and
- The applicant must provide a letter from the domiciliary authority setting forth the reason that an examination has not been conducted during the previous four (4) years; and
- Such domicile applies similar standards to foreign companies applying for admission. Proof of such standards should be certified by the appropriate official of the domiciliary state.