California Insurance Code

§ 1153

INS § 1153 Effective Jan 1, 1999Div. 1 · Part 2 · Ch. 2 · Art. 2

Statute text

An insurer shall not be admitted within three years from and after the time when it commences business as an insurer, nor within three years from and after the time when it is first incorporated, unless assets equal to the sum of its liabilities and the minimum capital and surplus required for admission are maintained in cash or one or more of the following:

(a)Securities specified in Sections 1170 to 1175, inclusive.

(b)Premiums that are in the course of collection, or agents’ balances representing premiums, on policies effected not more than 90 days prior to the date on which these premiums or balances are valued for the purpose of this section, and earned service fees receivable, not over 90 days due, and evidences of debt representing those assets.

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Legislative history

Amended by Stats. 1998, Ch. 495, Sec. 1. Effective January 1, 1999.