California Insurance Code

§ 1241

INS § 1241 Effective Jan 1, 2009Div. 1 · Part 2 · Ch. 2 · Art. 6

Statute text

(a)Subject to the limitation in Section 1242, and except for those foreign investments permitted under Section 1192.95, a domestic insurer may acquire foreign investments of substantially the same type as those that an insurer is permitted to acquire pursuant to this code, if, as a result of the acquisition and after giving effect to the investment, both of the following apply:

(1)The aggregate amount of foreign investments then held by the insurer does not exceed:

(A)Twenty percent of admitted assets, for an insurer with admitted assets equal to or in excess of five hundred million dollars ($500,000,000).

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Legislative history

Repealed and added by Stats. 2008, Ch. 129, Sec. 5. Effective January 1, 2009.