California Insurance Code

§ 11120

INS § 11120Div. 2 · Part 2 · Ch. 10 · Art. 7

Statute text

When a society, or a class or section thereof, has assets equal to the reserves and credits on its policies, it may collect periodical or other contributions from the members of the society, class or section which, with interest accretions, will be sufficient to accomplish all the following:

(a)Pay the claims arising from its policies.

(b)Pay for the expense of management of the society.

…

Legislative history

Repealed and added by Stats. 1951, Ch. 1193.