California Insurance Code

§ 1241.1

INS § 1241.1 Effective Jan 1, 2009Div. 1 · Part 2 · Ch. 2 · Art. 6

Statute text

(a)No domestic insurer shall acquire any investment respecting a foreign jurisdiction, or any investment denominated in the currency of that foreign jurisdiction, if that jurisdiction is designated as a state sponsor of terrorism by the United States Secretary of State pursuant to Section 6(j) of the Export Administration Act, Section 40 of the Arms Export Control Act, and Section 620A of the Foreign Assistance Act.

(b)If any investment made pursuant to Section 1241 later becomes prohibited by this section, that investment shall not be retained as an investment made pursuant to this code.

Legislative history

Repealed and added by Stats. 2008, Ch. 129, Sec. 7. Effective January 1, 2009.