California Insurance Code

§ 928

INS § 928 Effective Jan 1, 1993Div. 1 · Part 2 · Ch. 1 · Art. 10.3

Statute text

(a)An admitted insurer shall not undertake any single risk or accept reinsurance on any single risk when its liability thereon in excess of the amount reinsured by reinsurance authorized for annual statement credit under this code exceeds 10 percent of its capital and surplus as shown by its last statement on file in the office of the commissioner.

(b)This section shall apply to any class or classes of insurance specified in Chapter 1 (commencing with Section 100) of Part 1 of Division 1, except:

(1)Life, as defined in Section 101.

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Legislative history

Added by Stats. 1992, Ch. 614, Sec. 4. Effective January 1, 1993.