If assessments exceed actual losses and administrative expenses of the fund, the excess shall be held at interest and used by the fund to offset future losses or to reduce fund premiums. As used in this paragraph, “future losses” includes reserves for incurred but not reported claims.
Cal. Ins. Code § 10722
Voluntary Reinsurance Mechanism
Known as the Health Insurance Disclosure Act
The act spans §§ 10110–11549 (1,209 sections).
Added by Stats. 1992, Ch. 1128, Sec. 10
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.