<P> State insurance regulations require that insurers maintain certain minimum amounts of cash reserves to ensure that they are able to meet their obligations; the amount varies by insurer, based on its risk factors, such as its investments, how many people it insures, and other factors; a few states also have caps on how large the reserves can be . </P> <P> Kaiser has been criticized by activists and state regulators for the size of its cash reserves . As of 2015, it had $21.7 billion in cash reserves, which was about 1,600% the amount required by California state regulations . Its reserves had been a target of advertising by Consumer Watchdog supporting Proposition 45 in California's 2014 elections . At the end of 2010 Kaiser held $666 million in reserves, which was about 1,300% of the minimum required under Colorado state law . Those funds were in Kaiser's risk - based capital account, held to pay for disasters or major projects . In 2008, the Colorado regulator required Kaiser to spend down its reserves; after negotiations Kaiser agreed to spend $155 million of its reserves giving credits to its clients and building clinics in underserved parts of the state . </P>

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