California Insurance Code

§ 13902

INS § 13902 Effective Jan 1, 2025Div. 4

Statute text

(a)An insurance pool that is established pursuant to this division may be organized as a nonprofit corporation, limited liability company, partnership, or trust, whether organized under the laws of this state or another state or operating in another state.

(b)An insurance pool that is established pursuant to this division shall have initial pooled resources of not less than two million five hundred thousand dollars ($2,500,000) in the form of cash or cash equivalents.

(c)An insurance pool that is established pursuant to this division shall maintain adequate reinsurance to protect against its risks.

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Legislative history

Amended by Stats. 2024, Ch. 493, Sec. 3. (SB 1512) Effective January 1, 2025.