California Statutes
§ 12162.8. — 12162.8. (Added by Stats. 1992, Ch. 15, Sec. 4.)
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
If any portion of the audit report required by paragraph (1) of subdivision (b) of Section 12162.6 includes a qualified opinion as to the financial condition of the motor club or its ability to exist as a going concern, the motor club shall be considered materially deficient under Section 717, and subject to Section 12164. Similarly, if a motor club qualifying under paragraph (2) of subdivision (b) of Section 12162.6 fails to demonstrate to the commissioner an amount of liquid assets sufficient to satisfy its current liabilities to members, it shall be considered materially deficient under Section 717 and subject to Section 12164.
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California § 12162.8. (12162.8. (Added by Stats. 1992, Ch. 15, Sec. 4.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1992, Ch. 15, Sec. 4. Effective January 1, 1993.