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California Law (Last Updated: March 4, 2014) |
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Insurance Code - INS |
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Division 1. GENERAL RULES GOVERNING INSURANCE |
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Part 2. THE BUSINESS OF INSURANCE |
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Chapter 1. General Regulations |
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ARTICLE 14. Proceedings in Cases of Insolvency and Delinquency |
Section 1060.
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The commissioner shall transmit all of the following to the Governor, the Legislature, and to the committees of the Senate and Assembly having jurisdiction over insurance in the annual report submitted pursuant to Section 12922:
(a) The names of the persons proceeded against under this article.
(b) Whether such persons have resumed business or have been liquidated or have been mutualized.
(c) Such other facts on the operations of the Conservation & Liquidation Office as will acquaint the Governor, the policyholders, creditors, shareholders and the public with his or her proceedings under this article, including, but not limited to:
(1) An itemization of the number of staff, total salaries of staff, a description of the compensation methodology, and an organizational flowchart.
(2) Annual operating goals and results.
(3) A summary of all Conservation and Liquidation Office costs, including an itemization of internal and external costs, and a description of the methodology used to allocate those costs among insurer estates.
(4) A list of all current insolvencies not closed within ten years of a court ordered liquidation, and a narrative explaining why each insolvency remains open.
(5) An accounting of total claims by estate.
(6) A list of current year and cumulative distributions by class of creditor for each estate.
(7) For each proceeding, the net value of the estate at the time of conservation or liquidation and the net value at the end of the preceding calendar year.
(d) Other facts on the operations of the individual estates as will acquaint the Governor, Legislature, policyholders, creditors, shareholders, and the public with his or her proceedings under this article, including, but not limited to:
(1) The annual operating goals and results.
(2) The status of the conservation and liquidation process.
(3) Financial statements, including current and cumulative distributions, comparing current calendar year to prior year.