Bill Text: CA SB1242 | 2011-2012 | Regular Session | Introduced

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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

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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
year   Each 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.