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Disclosure of Reinsurance Recoverable and Reinsurance Program Diversification

DATE: May 1, 2013

TO: All California Domiciled Insurers and Interested Parties
      Attention:  Chief Financial Officer

SUBJECT: Disclosure of Reinsurance Recoverables and Reinsurance Program Diversification - California Insurance Code Section ("CICS") 922.31

Part 2, Chapter 1, Article 10, commencing with CICS 922.31, requires domestic ceding insurers to file a report(s) with the Insurance Commissioner relating to its reinsurance recoverables and reinsurance program diversification.

Reinsurance Recoverables Report:

CIC Section 922.31(a) describes in part: "...A domestic ceding insurer shall notify the commissioner within 30 days after reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, exceeds 50 percent of the domestic ceding insurer's last reported surplus to policyholders, or after it is determined that reinsurance recoverables from any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit..."

Reinsurance Program Diversification Report:

CIC 922.31(b) describes in part:  "...A domestic ceding insurer shall notify the commissioner within 30 days after ceding to any single assuming insurer, or group of affiliated assuming insurers, more than 20 percent of the ceding insurer's gross written premium in the prior calendar year, or after it has determined that the reinsurance ceded to any single assuming insurer, or group of affiliated assuming insurers, is likely to exceed this limit..."

Due Date: Within 30 days after the applicable event occurring.

Attachment: Reinsurance Disclosure Report .xls

All required Reports and supporting documents must be submitted online utilizing the Department's Online Assistance System for Insurer Submittals (OASIS) in signed PDF format.

 

Deputy Insurance Commissioner
Financial Surveillance Branch

 

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