California Statutes
§ 12162.5. — 12162.5. (Amended by Stats. 1992, Ch. 15, Sec. 1.)
California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 5. PART 5. MOTOR CLUBS·Ch. 2. CHAPTER 2. Certificate of Authority
All motor clubs applying for a certificate of authority to act as a motor club in this state shall demonstrate to the satisfaction of the commissioner that such club has a net worth of not less than two hundred fifty thousand dollars ($250,000). For the purposes of Sections 12162.5 and 12162.6, net worth is defined as the excess of total assets over total liabilities. Such net worth shall be maintained at all times as a condition for the continuance of its certificate of authority to act as a motor club in this state.
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California § 12162.5. (12162.5. (Amended by Stats. 1992, Ch. 15, Sec. 1.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1992, Ch. 15, Sec. 1. Effective January 1, 1993.