§ 2697.1. Purpose.

The purpose of the regulations is to specify procedures for ratemaking and forms approval, define the type and quality of investments the Authority is authorized to make, define coverage types and limits, set forth producer compensation rates, specify the procedures to be followed by the Authority following an earthquake where the magnitude of losses make it likely that prorated benefits may be paid, and instruct participating insurers how and when to notify each of its insureds that the Authority is the provider of earthquake coverage. Promulgation of these regulations, as required by statute, acts to implement, interpret, and make specific Chapter 8.6 (commencing with Section 10089.1) of Part 1 of Division 2 of the California Insurance Code.

HISTORY

1. New section filed 11-18-96 as an emergency; operative 11-18-96 (Register 96, No. 47). A Certificate of Compliance must be transmitted to OAL by 3-18-97 or emergency language will be repealed by operation of law on the following day.

2. Repealed by operation of Government Code section 11346.1(g) (Register 97, No. 14).

3. New section filed 4-1-97 as an emergency; operative 4-1-97 (Register 97, No. 14). A Certificate of Compliance must be transmitted to OAL by 7-30-97 or emergency language will be repealed by operation of law on the following day.

4. Repealed by operation of Government Code section 11346.1(g) (Register 97, No. 32).

5. New section filed 8-4-97 as an emergency; operative 8-4-97 (Register 97, No. 32). A Certificate of Compliance must be transmitted to OAL by 12-2-97 or emergency language will be repealed by operation of law on the following day.

6. Certificate of Compliance as to 8-4-97 order transmitted to OAL 11-26-97 and filed 1-13-98 (Register 98, No. 3).

Note

Note: Authority cited: Sections 10089.11(a) and 10089.28(b), Insurance Code. Reference: Sections 10089.11(a), 10089.28(b) and 12921, Insurance Code.