California Insurance Code

§ 12112

INS § 12112 Effective Jan 1, 2006Div. 2 · Part 4 · Ch. 1 · Art. 5

Statute text

(a)Except as provided in Section 12118, financial guaranty insurance may be transacted in this state only by an insurer admitted to transact financial guaranty insurance.

(b)The following guaranties are permissible:

(1)Financial guaranty insurance shall be written only to insure timely payment of contractual obligations, including principal and interest, purchase obligations, dividends, or any other payment obligation, however characterized of the following:

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Legislative history

Amended by Stats. 2005, Ch. 412, Sec. 6. Effective January 1, 2006.