Bill Text: CA SB1242 | 2011-2012 | Regular Session | Introduced
Bill Title: Financial statements of insurers: annual reports.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-03-08 - Referred to Com. on RLS. [SB1242 Detail]
Download: California-2011-SB1242-Introduced.html
BILL NUMBER: SB 1242 INTRODUCED BILL TEXT INTRODUCED BY Senator Dutton FEBRUARY 23, 2012 An act to amend Section 900 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGEST SB 1242, as introduced, Dutton. Financial statements of insurers: annual reports. Existing law requires every insurer doing business in this state to make and file with the Insurance Commissioner, in the number, form, and by the methods prescribed by the commissioner, statements exhibiting its condition and affairs as of the previous December 31. This bill would make a technical, nonsubstantive change to that provision. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 900 of the Insurance Code is amended to read: 900. (a)On or before the first day of March of each yearEach year, on or before the first day of March, every insurer doing business in this state shall make and file with the commissioner, in the number, form, and by the methods prescribed by the commissioner, statements exhibiting its condition and affairs as of the previous December 31. If the first day of March falls on a day other than a business day, the filing is due to the commissioner by the first business day preceding the first day of March. (b) Each year, on or before the following dates, every insurer doing business in this state shall make and file with the commissioner, in the number, form, and methods prescribed by the commissioner, statements exhibiting its condition and affairs for the period beginning on January 1 of the current calendar year through the end of each quarter of the current year as described below. These quarterly filings shall cover the period of time beginning January 1 of the current year through and including the last day of the quarter for which the report is being made. The first quarter filing shall be filed with the commissioner on or before May 15th of every year. The second quarter filing shall be filed with the commissioner on or before August 15th of every year. The third quarter filing shall be filed with the commissioner on or before November 15th of every year. If any of these dates fall on a day other than a business day, then the filing is due to the commissioner by the first business day preceding that date.