§ 12091. — 12091. (Amended by Stats. 1971, Ch. 163.)

California § 12091.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 4.: PART 4. MISCELLANEOUS CASUALTY INSURANCES
• Ch. 1.: CHAPTER 1. Surety Insurers on Reserve Basis; Capital Requirements and Permitted Insurances
• Art. 3.: ARTICLE 3. Special Restrictions on Business

Text

Whenever a surety insurer fails to maintain such a financial condition that assets allowed under subdivision (a) are equal in value to the aggregate of the charges prescribed under subdivision (b), the commissioner shall act as prescribed in Section 12092.
(a)
In estimating its condition the commissioner shall allow as assets only such as are allowed under law in force at the time of the estimate.
(b)
The charges to be aggregated shall be:
(1)
Eighty percent of the paid-in capital, but in no case less than two hundred fifty thousand dollars ($250,000).
(2)
All outstanding indebtedness.
(3)
Provision for reinsuring all outstanding risks, estimated as prescribed in Section 985.

Legislative History

Amended by Stats. 1971, Ch. 163.