California Insurance Code

§ 12118

INS § 12118 Effective Jan 1, 1995Div. 2 · Part 4 · Ch. 1 · Art. 5

Statute text

An admitted insurer transacting financial guaranty insurance in this state but which is not admitted to transact, financial guaranty insurance in this state shall be subject to all the provisions of this article and:

(a)May continue to write financial guaranties of the type authorized by subdivision (b) of Section 12112 as follows:

(1)For a period not to exceed five years from January 1, 1991, provided that by July 1, 1991, application shall be made to the commissioner to organize or admit a financial guaranty insurance corporation, controlled by or under common control with that insurer, which financial guaranty insurance corporation, once admitted, shall immediately assume all of the financial guaranty insurance in force on the books of the insurer which was written on or after January 1, 1991.

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Legislative history

Amended by Stats. 1994, Ch. 662, Sec. 4. Effective January 1, 1995.