Cal. Code Regs. Tit. 22, § 58058 - Conditions Governing Discontinuance of Sales by the Issuer
Pursuant to the authority granted by Welfare and Institutions Code Section 22005(e) and Insurance Code Section 12921, the following shall apply:
(a) No
Partnership Long-Term Care Insurance Policy or Certificate shall be sold,
transferred, or otherwise ceded to another Issuer without first having obtained
approval from the Commissioner of the Department of Insurance.
(b) The Commissioner of the Department of
Insurance shall not approve any sale, transfer, or ceding of any Partnership
Long-Term Care Insurance Policy or Certificate if such action would result in
premium increases for either the transferred Policy or Certificate holders or
the Partnership Policies or Certificates that were not transferred, unless the
Commissioner determines such a sale, transfer, or ceding to be in the public
interest. The provision does not apply to:
(1)
any reinsurance agreement or transaction in which the ceding Issuer continues
to remain directly liable for its insurance obligations or risks under the
contracts of insurance subject to the reinsurance agreement; and
(2) the ceding Issuer remains responsible for
complying with all requirements of this Chapter and those imposed by Insurance
Code Sections
1070 et
seq. and
1090 et
seq.
(c) Self-funded
Issuers not subject to compliance with the California Insurance Code are exempt
from the requirements of this Section.
Notes
2. Certificate of Compliance as to 8-30-93 order, including amendment of first paragraph and new subsection (c) transmitted to OAL 12-30-93 and filed 1-28-94 (Register 94, No. 4).
3. Amendment of subsections (a) and (b) filed 10-1-98 as an emergency; operative 10-1-98. Submitted to OAL for printing only pursuant to Welfare and Institutions Code section 22009(d) (Register 98, No. 41). A Certificate of Compliance must be transmitted to OAL by 1-29-99 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-1-98 order transmitted to OAL 1-28-99 and filed 3-15-99 (Register 99, No. 12).
Note: Authority cited: Section 22009(a), Welfare and Institutions Code. Reference: Section 22005, Welfare and Institutions Code.
2. Certificate of Compliance as to 8-30-93 order, including amendment of first paragraph and new subsection (c) transmitted to OAL 12-30-93 and filed 1-28-94 (Register 94, No. 4).
3. Amendment of subsections (a) and (b) filed 10-1-98 as an emergency; operative 10-1-98. Submitted to OAL for printing only pursuant to Welfare and Institutions Code section 22009(d) (Register 98, No. 41). A Certificate of Compliance must be transmitted to OAL by 1-29-99 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 10-1-98 order transmitted to OAL 1-28-99 and filed 3-15-99 (Register 99, No. 12).
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