California Insurance Code

§ 10507.5

INS § 10507.5 Effective Jan 1, 2004Div. 2 · Part 2 · Ch. 5 · Art. 6.5

Statute text

(a)An insurer may deliver or issue for delivery one or more policies, contracts, or agreements that establish the insurer’s obligations under the policies, contracts, or agreements by reference to a portfolio of assets that is not owned by or possessed by the insurer, if the following requirements are met:

(1)The insurer is authorized to deliver, or issue for delivery, life insurance policies in this state.

(2)The insurer has at least one billion dollars ($1,000,000,000) in admitted assets or one hundred million dollars ($100,000,000) in capital and surplus, as reflected by the most recent financial statements on file with the commissioner. For the purposes of this section, “capital and surplus” includes capital and surplus plus the asset valuation reserve and one-half of the liability for dividends, all as reflected on the most recent financial statement on file with the commissioner.

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Legislative history

Amended by Stats. 2003, Ch. 352, Sec. 2. Effective January 1, 2004.