CA | The California Department of Insurance has issued Bulletin 2024-2.
California Insurance Code section 1067.11(4)(j) authorizes the Insurance Commissioner to annually assess a company based on the company’s gross annual long-term care premium written in California in the preceding year. The intent of the assessment is to defray the costs of principle-based reserving (PBR) valuation and provide a prudent reserve in the PBR fund.
The California Department of Insurance has adopted an aggregate annual assessment for Fiscal Year (FY) 2023-24 of $1,406,000, as well as the assessment tiers shown in the table below.