California Insurance Code

§ 1591

INS § 1591Div. 1 · Part 2 · Ch. 4 · Art. 2

Statute text

In addition to complying with all other applicable requirements of this code, every admitted alien insurer shall on or before the first day of March in each year after the year 1941, file with the commissioner a statement on a form prescribed by him, showing as of the 31st day of December then next preceding, the following information:

(a)All of its assets within the United States on deposit with officers of any state thereof for the benefit and security of all the policyholders, or of all the policyholders and creditors, of such alien insurer within the United States. Such assets so deposited are designated “general state deposits.”

(b)All of its assets within the United States, other than general state deposits, on deposit with officers of any state thereof for the benefit and security of all the policyholders, or policyholders and creditors, of such alien insurer within the state of deposit or of certain classes of policyholders, or policyholders and creditors, either within the state of deposit or within the United States. Such assets so deposited are designated “special state deposits.” The value to be allowed in such statement for any special state deposit shall not exceed the liability secured thereby.

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Legislative history

Amended by Stats. 1963, Ch. 271.