Cal. Code Regs. tit. 10 § 2697.61

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 2697.61 - Additional Requirements for Offer of Optional-Limits Basic Residential Earthquake Insurance Policies

(a) Before the Authority may offer optional-limits basic residential earthquake insurance policies, the governing board must first certify that selling such insurance furthers the Authority's charge in Insurance Code Section 10089.10 to achieve maximum capacity for writing earthquake coverage. The sale by the Authority of any optional-limits basic residential earthquake insurance policies must be actuarially sound.

(b) The Commissioner finds that integrating the formerly separate optional-limits program that had been in operation from 1999 through 2007 with the base-limits program serves the public interest by permitting the two programs to be financed together at an expected overall saving and by simplifying the program for the Authority, participating insurers, and consumers. This integration renders the former maintenance of separate funds within the Authority unnecessary and inappropriate. Any inter-fund transfer obligation that may exist at the time of integration will cease to exist.

Cal. Code Regs. Tit. 10, § 2697.61

1. New section filed 5-11-99; operative 6-10-99 (Register 99, No. 20).
2. New subsections (b)(iii)-(v) filed 11-15-2006 as an emergency; operative 11-15-2006 (Register 2006, No. 46). A Certificate of Compliance must be transmitted to OAL by 3-15-2007 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 11-15-2006 order, including further amendment of subsection (b), redesignation and amendment of former subsection (b)(iii), (b)(iv) and (b)(v) as new subsections (c), (c)(i) and (c)(ii) and subsection relettering, transmitted to OAL 3-15-2007 and filed 4-25-2007 (Register 2007, No. 17).
4. Amendment of subsection (a), repealer of former subsections (b)-(e) and new subsection (b) filed 4-30-2008; operative 5-30-2008 (Register 2008, No. 18).

Note: Authority cited: Sections 10087, 10089.5(c), 10089.11, 10089.20 and 10089.26(a)(1), Insurance Code. Reference: Sections 10089, 10089.11(a), 10089.28(b) and 12921, Insurance Code.

1. New section filed 5-11-99; operative 6-10-99 (Register 99, No. 20).
2. New subsections (b)(iii)-(v) filed 11-15-2006 as an emergency; operative 11-15-2006 (Register 2006, No. 46). A Certificate of Compliance must be transmitted to OAL by 3-15-2007 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 11-15-2006 order, including further amendment of subsection (b), redesignation and amendment of former subsection (b)(iii), (b)(iv) and (b)(v) as new subsections (c), (c)(i) and (c)(ii) and subsection relettering, transmitted to OAL 3-15-2007 and filed 4-25-2007 (Register 2007, No. 17).
4. Amendment of subsection (a), repealer of former subsections (b)-(e) and new subsection (b) filed 4-30-2008; operative 5-30-2008 (Register 2008, No. 18).