California Insurance Code

§ 1067.07

INS § 1067.07 Effective Jan 1, 2019Div. 1 · Part 2 · Ch. 1 · Art. 14.7

Statute text

(a)If a member insurer is an impaired insurer, the association may, in its discretion, and subject to the conditions imposed by the association that do not impair the contractual obligations of the impaired insurer and that are approved by the commissioner, do any of the following:

(1)Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, any or all of the policies or contracts of the impaired insurer.

(2)Provide moneys, pledges, loans, notes, guarantees, or other means to effectuate paragraph (1) and assure payment of the contractual obligations of the impaired insurer pending action under paragraph (1).

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Legislative history

Amended by Stats. 2018, Ch. 651, Sec. 1. (AB 2395) Effective January 1, 2019.