TO: All California Domiciled and Commercially Domiciled Insurers; and Other Interested Parties
SUBJECT: Forms B and C Filing, Determining Commercially Domiciled Status, Explanation of Filing Procedures, and Penalty Fees for Late Filings.
This notice is to advise insurers submitting filings, notices, amendments, information and applications for approval or exemption pursuant to the Insurance Holding Company System Regulatory Act (California Insurance Code ["CIC"] Sections 1215 et seq.).
Pursuant to CIC Section 1215.4(a), all domestic and commercially domiciled insurers that are members of a holding company system must register with the Commissioner. Any insurer required to register under this section must do so within 15 days after it becomes subject to registration, and annually thereafter by April 30 of each year, reporting for the previous calendar year.
The annual holding company registration statements required by CIC Section 1215.4, and commonly referred to as Forms B and C should be submitted on the appropriate forms including a certification page and verification page for each page. Links to these documents are located at the bottom of this notice.
1. Filing Locations
Initial registration statements are submitted pursuant to CIC Section 1215.4 must be filed online using Online Assistance System for Insurers Submittals (OASIS).
Please submit the signature pages of the Forms B & C containing original signatures to:
California Department of Insurance
Financial Analysis Division
300 South Spring Street, South Tower, 13th Floor
Los Angeles, CA 90013
Attention: Financial Records Unit
2. Commercially Domiciled Determinations
The CDI has, in the past, sent a courtesy notice to all companies that the CDI determined to be commercially domiciled. This notice was for informational purposes and gave companies an opportunity to contest CDI's determination. The notice should not be construed as CDI assuming the company's responsibility for initially making the determination and acting on that determination so as to ensure proper and timely submission of all required filings.
CIC Section 1215.14(a) specifies how to determine whether a company is commercially domiciled. Nowhere does this section place the burden of making that determination on the CDI. CIC Sections 1215.4, 1215.5 and 1215.2 specify the filing requirements applicable to commercially-domiciled insurers. Taken together, these sections provide the information necessary for an insurer to determine whether it is subject to the holding company filing requirements; the information that must be provided; and the time frames for filing. Commercially-domiciled insurers need not file reinsurance agreements, however, as explained in Bulletin 2011-2, paragraph #4 in Key Provisions Section.
It is incumbent upon each company to promptly determine its status so that all filings can be made in a timely manner. Failure of a company to ascertain its status as a commercially domiciled insurer neither relieves it of its obligation to make required filings, nor exempts it from being assessed late filing fees pursuant to CIC Section 1215.11(a) for not having filed within required timeframes.
Form B .doc
Form C .doc
For questions or inquiries, please contact:
Financial Records Unit
Deputy Insurance Commissioner
Financial Surveillance Branch