§ 2303.24. Effective Date.

(a) Section 2303 through Section 2303.25 of this article shall become effective on January 1, 2007, or the 30th day following the day those sections are filed with the Secretary of State, whichever is later (the “Effective Date”).

(b) No licensee may claim reserve credit for a new or renewal reinsurance agreement executed on or after the Effective Date unless the agreement and any security provided therefor conform to the applicable requirements of this article.

(c) All reinsurance agreements and any security provided therefor that are executed prior to the Effective Date shall remain subject to the requirements of Bulletin 97-5 issued pursuant to Code Section 922.8. Bulletin 97-5 is incorporated herein by reference for that limited purpose.

(d) Licensees shall continue to conform to the requirements of the NAIC Accounting Guidance, to the extent that those requirements do not conflict with applicable requirements of the Code and Bulletin 97-5, or, after the Effective Date, with this article.

HISTORY

1. New section filed 10-24-2006; operative 11-23-2006 (Register 2006, No. 43).

Note

Note: Authority cited: Sections 720, 730, 736, 922.8, 923, 924, 1011.5, 1215.8, 1781.12 and 12921, Insurance Code;CalFarm Insurance Company v. Deukmejian, 48 Cal. 3d 805 (1989); and20th Century Insurance Company v. Garamendi, 8 Cal. 4th 216 (1994). Reference: Sections 700, 701, 717, 730, 733, 736, 900, 922.1, 922.2, 922.3, 922.4, 922.5, 922.6, 922.7, 922.8, 922.9, 923, 924, 925, 925.2, 925.4, 1011, 1011.5, 1215.5(b)(3), 1215.5(f), 1781.10 and 12921, Insurance Code.