DIVISION 1. GENERAL RULES GOVERNING INSURANCE 100-1879.8›PART 2. THE BUSINESS OF INSURANCE 680-1879.8›CHAPTER 1. General Regulations 680-1113›ARTICLE 10. Financial Statements of Insurers 900-925.4
§ 922.3
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
Notwithstanding any other provision of law, credit for reinsurance, as either an asset or a deduction, shall not be allowed in any accounting or financial statement of the ceding insurer in respect to any so-called reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer, not only in form but in fact, against all or a part of the loss or liability arising out of the original insurance.
(Amended by Stats. 1996, Ch. 840, Sec. 6. Effective January 1, 1997.)
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