California Insurance Code

§ 12108

INS § 12108 Effective Jan 1, 2006Div. 2 · Part 4 · Ch. 1 · Art. 5

Statute text

(a)An admitted financial guaranty insurance corporation shall establish and maintain a contingency reserve.

(b)With respect to all financial guaranties written prior to and in force as of July 1, 1989:

(1)The financial guaranty insurance corporation shall establish and maintain a contingency reserve consistent with the requirements applicable for municipal bond insurance policies which were in effect prior to July 1, 1989, in an amount equal to 50 percent of earned premiums on those policies.

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Legislative history

Amended by Stats. 2005, Ch. 412, Sec. 3. Effective January 1, 2006.