California Insurance Code

§ 1178

INS § 1178Div. 1 · Part 2 · Ch. 2 · Art. 3

Statute text

Such insurers may invest in collateral trust bonds or notes, secured by any of the following:

(a)A deposit of obligations authorized for investment by this article or Articles 4, 5, or 6 of this chapter having a market value at least fifteen per cent in excess of the par value of the collateral trust bonds or notes issued.

(b)A deposit of obligations authorized for investment by this article or Articles 4, 5, or 6 of this chapter, together with other securities, the combined market value of the deposit being at least twenty per cent in excess of the par value of the collateral trust bonds or notes issued, with the par value of the collateral trust bonds or notes not exceeding the market value of the deposited obligations which are authorized for investment by this article or Articles 4, 5, or 6 of this chapter.

…

Legislative history

Amended by Stats. 1937, Ch. 738.