Cal. Ins. Code § 10722

Current through the 2023 Legislative Session.

Section 10722 - Excess assessments held to offset future losses

If assessments exceed actual losses and administrative expenses of the fund, the excess shall be held at interest and used by the fund to offset future losses or to reduce fund premiums. As used in this paragraph, "future losses" includes reserves for incurred but not reported claims.

Ca. Ins. Code § 10722

Added by Stats. 1992, Ch. 1128, Sec. 10. Effective January 1, 1993. Operative July 1, 1993, by Sec. 15 of Ch. 1128.