California Insurance Code

§ 12119

INS § 12119 Effective Jan 1, 2006Div. 2 · Part 4 · Ch. 1 · Art. 5

Statute text

Policy forms and any amendments thereto shall be filed with the commissioner within 30 days after their use in this state by the financial guaranty insurance corporation.

(a)(1) Every policy shall provide that, in the event of a payment default or insolvency of the obligor, there shall be no acceleration of the payments required to be made under the policy with respect to guarantied obligations except at the option of the financial guaranty insurance corporation.

(2)Notwithstanding paragraph (1), the following provisions apply:

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Legislative history

Amended by Stats. 2005, Ch. 412, Sec. 12. Effective January 1, 2006.