California § 1153.5. 1153.5. (Amended by Stats. 1951, Ch. 543.)

California Statutes

§ 1153.5. — 1153.5. (Amended by Stats. 1951, Ch. 543.)

California § 1153.5.

JurisdictionCalifornia

Code INSInsurance Code - INS

Div. 1.DIVISION 1. GENERAL RULES GOVERNING INSURANCE

Part 2.PART 2. THE BUSINESS OF INSURANCE

Ch. 2.CHAPTER 2. Incorporated Insurers

Art. 2.ARTICLE 2. Restrictions on Activities

This text of California § 1153.5. (1153.5. (Amended by Stats. 1951, Ch. 543.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Cal. Insurance Code - INS Code § 1153.5. (2026).

Text

An admitted insurer which has been in business as an insurer less than three years from and after the time when it commenced business as an insurer shall maintain its assets during the balance of such three-year period in the types of assets specified in Section 1153, excepting such of its assets as are in excess of the sum of its liabilities and the surplus and capital requirements for admission. On its failure so to do, the commissioner may revoke its certificate of authority. The proceedings shall be conducted in accordance with Chapter 5 of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner shall have all the powers granted therein.

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An admitted insurer which has been in business as an insurer less than three years from and after the time when it commenced business as an insurer shall maintain its assets during the balance of such three-year period in the types of assets specified in Section 1153, excepting such of its assets as are in excess of the sum of its liabilities and the surplus and capital requirements for admission. On its failure so to do, the commissioner may revoke its certificate of authority. The proceedings shall be conducted in accordance with Chapter 5 of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner shall have all the powers granted therein.