California Insurance Code

§ 5050

INS § 5050Div. 2 · Part 1 · Ch. 5 · Art. 1

Statute text

Two hundred fifty (250) or more persons residing in one county of this State may incorporate for the purpose of forming a mutual fire insurer upon all such persons agreeing to:

(a)Secure fire insurance from such insurer when organized through policies to be issued by such insurer having face amounts aggregating one million five hundred thousand dollars ($1,500,000) or more covering their property of the same or greater value. Such insurer shall retain net of reinsurance aggregate amounts on such policies at least equal to such amount.

(b)Pay the premium for such insurance immediately upon notification by such insurer that it is prepared to issue such policies providing such insurance.

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Legislative history

Amended by Stats. 1955, Ch. 1250.