Article 7. Cancellation Of Membership of California Insurance Code >> Division 2. >> Part 1. >> Chapter 6. >> Article 7.

Any member of such reinsurer may cancel any policy of reinsurance at any time while the reinsurer continues its reinsurance business.

The cancellation may be accomplished only by complying with all of the following requirements:
  (a) Surrender of policy for cancellation.
  (b) Giving ten days' notice in writing to the secretary of the reinsurer.
  (c) Payment of the member's share of all claims that exist against the reinsurer.

The reinsurer may cancel or terminate any policy by giving the member ten days' written notice and returning to it any excess of premium paid during the term of the policy over the cost of its reinsurance as measured by the rules or methods of admitted fire insurers issuing nonassessable policies on a reserve basis.