California Insurance Code

§ 10089.14

INS § 10089.14 Effective Sep 27, 1996Div. 2 · Part 1 · Ch. 8.6

Statute text

(a)The authority shall not issue any earthquake policy and no insurer shall transfer any earthquake risk to the authority until all of the following conditions have been met:

(1)The Internal Revenue Service has determined that the authority will be or is exempt from federal income tax.

(2)Insurers whose cumulative residential property insurance market share is more than 70 percent of the total residential property insurance market in California, measured as of January 1, 1995, have filed letters of intent, with binding contractual obligation, to participate in the authority.

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Legislative history

Amended by Stats. 1996, Ch. 968, Sec. 3. Effective September 27, 1996.