California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 10.1 - Investment Annuities
Section 2522.6 - Financial Reports and Projections Subsequent to Qualification

(a) For the first five (5) years after qualification, the insurer shall file quarterly financial reports covering its investment annuity business separate and apart from all other business of the insurer, on a form provided by the Commissioner. Such quarterly reports must be related to the previously filed projections. The five (5) year projections initially submitted with the qualification material must be revised and resubmitted annually for the first five (5) years.

(b) The first quarterly report after qualification shall be due following the first full quarter after the original qualification to transact an investment annuity business.

(c) After the insurer has been qualified to transact such business for five (5) years, it will be required to file its financial report of investment annuity business on an annual basis, unless the Insurance Commissioner requests the insurer to file more frequently, together with its projections for the next year and verification of the projections for the previous years.

(d) The Department's review of the verification may result in additional capital and surplus requirements, restriction on writings or both.