Each insurer transacting business in this state shall at all times maintain reserves in an amount estimated in the aggregate to provide for the payment of all losses and claims for which the insurer may be liable, and to provide for the expense of adjustment or settlement of losses and claims.
The reserves shall be computed in accordance with regulations made from time to time by the commissioner. The promulgation of the regulations by the commissioner, or any changes thereto or amendments thereof, shall be in accordance with the procedure provided in Chapter 3.5 (commencing with Section 11340) of Part 1 of Division 3 of Title 2 of the Government Code. The commissioner shall make the regulations upon reasonable consideration
of the ascertained experience and the character of such kinds of business for the purpose of adequately protecting the insured and securing the solvency of the insurer.
The commissioner may prescribe the manner and form of reporting pertinent information concerning the reserves provided for in this section.
This section shall not apply to life insurance, title insurance, disability insurance, mortgage insurance, or mortgage guaranty insurance.
Notes of Decisions
Cited in
6
cases (
2 in the last 5 years), 1981–2021 · leading case:
Lipton v. Superior Court, 48 Cal. App. 4th 1599 (Cal. Ct. App. 1996).
Lipton v. Superior Court, 48 Cal. App. 4th 1599 (Cal. Ct. App. 1996).
· cites it 2× “(Ins. Code, § 923.5). The amount of reserves carried at any specific time cannot be arbitrary.”
Notrica v. State Comp. Ins. Fund, 64 Cal. Comp. Cases 378 (Cal. Ct. App. 1999).
· cites it 2× “First, that since adequate reserves are essential to an insurer’s successful operation (Ins. Code, § 923.5, fn. 4, ante), SCIF must have wide latitude in setting reserving policy.”
Am. Re-Ins. Co. v. Ins. COM'N, ETC., 527 F. Supp. 444 (C.D. Cal. 1981).
“” Cal.Ins.Code § 923.5. “A contract of reinsurance is one by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance.”
Taxel v. Equity Gen. Ins. (In Re Couch), 80 B.R. 512 (S.D. Cal. 1987).
“California Insurance Code section 923.5 provides in pertinent part: Each insurer transacting business in the state shall at all times maintain reserves in an amount estimated in the aggregate *517 to provide for the payment of all losses and claims for which such insurer may be…”
Applied Underwriters, Inc. v. Lara (E.D. Cal. 2021).
“, Cal. Ins. Code § 923.5 (“Each 16 insurer transacting business in this state shall at all times 17 maintain reserves in an amount estimated in the aggregate to 18 provide for the payment of all losses and claims for which the 19 insurer may be liable .”
California Ins. Co. v. Lara (E.D. Cal. 2021).
“, 2 Cal. Ins. Code § 923.5 (“Each insurer transacting business in 3 this state shall at all times maintain reserves in an amount 4 estimated in the aggregate to provide for the payment of all 5 losses and claims for which the insurer may be liable .”
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