California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.15 - Provider Annual Statement
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) All licensed providers shall submit an Annual Statement to the Commissioner on the form captioned "State of California Department of Insurance Life Settlement Provider Annual Statement" referenced in section 2548.31 herein. Each Annual Statement shall be due no later than March 1 and shall cover the period in the preceding calendar year.
(b) All Annual Statements shall be accompanied by an audited financial statement covering the 12-month period of the preceding calendar year or fiscal year. The audited financial statement shall be received in confidence within the meaning of subdivision (d) of section 7929.000 of the Government Code and exempt from disclosure pursuant to the Public Records Act (Chapter 1 (commencing with section 7920.000) of Division 10 of Title 1 of the Government Code). The Commissioner may grant 60-day extensions of the filing date for the audited financial statement upon a showing by the provider and its independent certified public accountant of the reasons for requesting each extension and the determination by the Commissioner of reasonable cause for an extension. The request for an extension shall be submitted in writing not less than 10 days prior to March 1 in sufficient detail to permit the Commissioner to make an informed decision on the requested extension.
(c) Any provider's failure to timely file an annual statement by March 1, or an audited financial statement 60 days thereafter pursuant to the procedure described in Section 2548.15(b), shall be grounds for the revocation of the provider's license pursuant to Section 2548.7(c).
1. New section
filed 7-29-2010 as an emergency; operative 7-29-2010. Emergency regulation shall
remain in effect, not to be repealed by the Office of Administrative Law, unless
repealed by the Department of Insurance pursuant to Insurance Code section
10113.35
(Register 2010, No. 31).
2. Change without regulatory effect amending
NOTE filed 1-24-2012 pursuant to section
100, title 1, California Code of
Regulations (Register 2012, No. 4).
3. Renumbering of former section
2548.15 to section
2548.16 and renumbering and amendment
of former section
2548.14 to new section 2548.15 filed
11-25-2014; operative 1-1-2015 (Register 2014, No. 48).
4. Change without
regulatory effect amending subsection (b) and NOTE filed 7-26-2023 pursuant to
section 100, title 1, California Code of
Regulations (Register 2023, No. 30).
Note: Authority cited: Section 10113.35, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); and 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Sections 10113.2 and 10113.3, Insurance Code; and Section 7920.000 et seq., Government Code.
