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INSURERS: Quarterly Statement Filing Requirement
TO: ALL ADMITTED INSURERS
RE: QUARTERLY STATEMENT FILING REQUIREMENT
Companies are required to make quarterly filings with both the California Department Insurance ("Department") and National Association of Insurance Commissioners ("NAIC"). Failure to make a timely and complete filing with the California Department Insurance will subject the company to the late filing fees pursuant to Section 924 of the California Insurance Code (CIC). Failure to make a timely and complete filing with the NAIC will subject the company to the penalties imposed pursuant to Section 934 of the CIC.
For each quarter, one (1) copy of your Quarterly Statements are to be filed with the Department on or before the respective due date. Copies are to be filed with the NAIC in the number, form and manner as prescribed by the NAIC. The Quarterly Statement must be executed and verified as provided in Sections 903 and 903.5 & Sections 931 and 934 of the CIC, which sections read as follows:
903 "The commissioner shall require statements and reports to be verified as follows:
(a) If made by a domestic corporation, by the oaths of any two of the executive
officers thereof. (b) If made by an individual or firm, by the oath of such
individual or a member of the firm. (c) If made by a foreign insurer, by the oath
of the principal executive officer thereof, or manager, residing within the
903.5 "In any case where an insurer is required by law to file with the commissioner
statements or reports respecting its financial condition, income or disbursements,
the verified or signed by its designated officers, agents, or employees, the
commissioner may accept and file statement or report verified by affidavit of the
president or vice president and the treasurer or secretary of such insurer, in lieu
of the verification or signature otherwise prescribed by law."
No Statement of a qualified actuary is required for purposes of filing the Quarterly Statement unless the Commissioner deems it necessary.
A "foreign" insurer, as the term is used in Section 903 of the CIC, means an insurer NOT organized under the laws of this state as defined under section 27 of the CIC.
Very truly yours,
FINANCIAL ANALYSIS DIVISION
FINANCIAL RECORDS UNIT