California Insurance Code

§ 1373.1

INS § 1373.1Div. 1 · Part 2 · Ch. 3 · Art. 5

Statute text

No certificate of authority, other than a renewal certificate of authority, shall be issued to the attorney within three years from and after the time when the exchange commences business as an insurer nor within three years from and after the time it is first organized unless assets equal to the sum of its liabilities and the minimum surplus required by this chapter are maintained in cash or one or more of the following:

(a)Securities specified in Sections 1170 to 1175 inclusive;

(b)Bonds specified in Section 1176, if such bonds are legal for investment of savings banks in this State;

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Legislative history

Added by Stats. 1951, Ch. 544.