§ 12102. — 12102. (Amended by Stats. 2004, Ch. 47, Sec. 1.)

California § 12102.

• 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. 5.: ARTICLE 5. Financial Guaranty Insurance

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(a)
An insurer with a certificate of authority to transact the business of financial guaranty insurance as defined in Section 12100 may also transact the business of surety insurance as defined in Section 105.
(b)
An insurer licensed in this state to transact financial guaranty insurance may not transact any other classes of insurance in this state except surety insurance.
(c)
An insurer that anywhere transacts or is licensed for any classes other than financial guaranty insurance, surety insurance, and credit insurance shall not be eligible for a certificate of authority for the class of financial guaranty insurance in this state.
(d)
A financial guaranty insurance corporation may only assume in this state those lines of insurance it is admitted to transact in this state.
(e)
In other states, an insurer may assume financial guaranty, surety, and credit lines of insurance if it is authorized to transact those lines of insurance in other states.
(f)
After licensure the holder shall continue to comply with the requirements of this section.

Legislative History

Amended by Stats. 2004, Ch. 47, Sec. 1. Effective June 14, 2004.