California Statutes
§ 1196. — 1196. (Amended by Stats. 1937, Ch. 738.)
California·Code INS Insurance 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. 4. ARTICLE 4. Property Authorized for Excess Funds Investments
Excess funds investments shall not be made in any stock or obligation unless:
(a)The stock or obligation qualifies as a sound investment.
(b)In case of a purchase, the price paid for the security is not in excess of the current market value at the date of purchase.
(c)In case of a loan, the amount loaned does not exceed eighty-five per cent of the market value, at the date of the loan, of the collateral taken as security.
Free access — add to your briefcase to read the full text and ask questions with AI
California § 1196. (1196. (Amended by Stats. 1937, Ch. 738.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1937, Ch. 738.