California Insurance Code

§ 11110

INS § 11110Div. 2 · Part 2 · Ch. 10 · Art. 6

Statute text

In addition to any other ground for disapproving such conversion, the commissioner may refuse to give such approval unless evidence satisfactory to him is submitted that:

(a)The reserves on all certificates theretofore issued are sufficient to carry them to maturity either by reason of the amount thereof or by reason of action by such society pursuant to either subsection (c) hereof or Section 11111;

(b)The plan of conversion will result in the availability of all funds and assets of the mutual life insurance company to the carrying out of the contracts of insurance whether transacted before or after conversion; and

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Legislative history

Repealed and added by Stats. 1951, Ch. 1193.