Insurance Code section 922.3

Notwithstanding any other provision of law, credit for reinsurance, as either an asset or a deduction, shall not be allowed in any accounting or financial statement of the ceding insurer in respect to any so-called reinsurance contract unless, in such contract, the reinsurer undertakes to indemnify the ceding insurer, not only in form but in fact, against all or a part of the loss or liability arising out of the original insurance.

Source: Section 922.3, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=INS§ionNum=922.­3.­ (updated Jan. 1, 1997; accessed Jul. 14, 2025).

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Verified:
Jul. 14, 2025

§ 922.3's source at ca​.gov