§ 12111. — 12111. (Amended by Stats. 2005, Ch. 412, Sec. 5.)

California § 12111.

• 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

Text

An admitted financial guaranty insurance corporation shall adopt procedures reasonably calculated to ensure, to the extent it is commercially feasible for the financial guaranty insurance corporation, that any prospectus which discloses that a policy of financial guaranty insurance has been issued also discloses that in the event the financial guaranty insurance corporation were to become insolvent, any claims arising under the policies of financial guarantee insurance are excluded from coverage by the California Insurance Guaranty Association, established pursuant
to Article 15.2 (commencing with Section 1063) of Chapter 1 of Part 2 of Division 1.

Legislative History

Amended by Stats. 2005, Ch. 412, Sec. 5. Effective January 1, 2006.