California Insurance Code

§ 1194.81

INS § 1194.81Div. 1 · Part 2 · Ch. 2 · Art. 4

Statute text

Domestic incorporated insurers may invest in notes or bonds secured by a mortgage or other first lien upon unencumbered real property meeting the criteria of subdivision (e), if the secured obligation meets the conditions of subdivisions (a) and (b), as follows:

(a)There exists no condition or right of reentry or of forfeiture under which the lien can be cut off, subordinated, or otherwise disturbed.

(b)The secured obligation satisfies the conditions of paragraph (1), (2), (3), or (4), as follows:

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Legislative history

Added by Stats. 1991, Ch. 539, Sec. 13.