§ 104.506. Audit of Trust Department.

Latest version.

At least once during each calendar year, the association's trust department shall be audited by auditors in a manner consistent with Section 563.17-1 of the Insurance Regulations (12 CFR Section 563.17-1) and by Section 8701 of the law. A copy of the report of the audit shall be promptly filed with the commissioner. Trust department audits may be made as part of the periodic audits required by Section 563.17-1 and by Section 8800 of the law.

HISTORY

1. Change without regulatory effect renumbering former Section 245.7 to Section 104.506 (Register 87, No. 14). For prior history, see Register 81, No. 25.

Note

Note: Authority cited: Section 5500.5, Financial Code. Reference: Title 10, Calif. Adm. Code, Chapter 2, Subchapter 3, Article 5 (Section 103.500) and Subchapter 4, Article 5 (Section 104.500 et seq.); and Sections 5003 and 5501.5, Financial Code.

                    
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