California Code of Regulations
Title 13 - Motor Vehicles
Division 1 - Department of Motor Vehicles
Chapter 1 - Department of Motor Vehicles
Article 2.3 - Financial Responsibility
CERTIFICATES OF SELF-INSURANCE
Section 80.00 - Definitions

Universal Citation: 13 CA Code of Regs 80.00

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

As used in this article, the following definitions shall apply:

(a) A "financial statement" shall include, but not be limited to, the documents commonly known as balance sheets, profit and loss statements, explanatory notes or other documents which allow the department to determine an applicant's net financial worth.

(b) An "independent certified public accountant" is a certified public accountant, lawfully licensed to audit financial statements and render an opinion of an applicant's financial condition. For purposes of this regulation, an independent certified public accountant shall not be an employee of, or have any material or vested interest in the entity being audited.

(c) "Net worth" shall be defined as an applicant's net financial worth determined by calculating financial assets minus liabilities as identified on the financial statements and application or renewal attachments.

(1) Liabilities include unresolved past, current and future financial responsibility obligations and assessed risk factors.

1. New section filed 6-26-2001; operative 7-26-2001 (Register 2001, No. 26).

Note: Authority cited: Section 1651, Vehicle Code. Reference: Section 16053, Vehicle Code.

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