JurisdictionCaliforniaCode INSInsurance Code - INS
Div. 2.DIVISION 2. CLASSES OF INSURANCE
Part 6.PART 6. INSURANCE COVERING LAND
Ch. 1.CHAPTER 1. Title Insurance
Art. 3.ARTICLE 3. Title Insurers: Finances and Investments
This text of California § 12372. (12372. (Amended by Stats. 1939, Ch. 325.)) is published on Counsel Stack Legal Research, covering California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Any such domestic insurer, after having its required capital paid in and depositing its required guarantee fund with the State Treasurer, may invest its funds in the preparation and purchase of materials and plant necessary to enable it to engage in the title insurance business. In all statements and proceedings required by law for the ascertainment and determination of the condition of such insurer, such materials and plant shall be treated in one of the following ways:
(a)They may be treated as an asset, valued at actual cost to the insurer not in excess of 50 per cent of the aggregate par value of the
shares of the insurer’s capital stock then issued outstanding, and apportioned to its title insurance department, including treasury shares;
(b)They may be treated as an asset, at
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Any such domestic insurer, after having its required capital paid in and depositing its required guarantee fund with the State Treasurer, may invest its funds in the preparation and purchase of materials and plant necessary to enable it to engage in the title insurance business. In all statements and proceedings required by law for the ascertainment and determination of the condition of such insurer, such materials and plant shall be treated in one of the following ways:
(a)
They may be treated as an asset, valued at actual cost to the insurer not in excess of 50 per cent of the aggregate par value of the
shares of the insurer’s capital stock then issued outstanding, and apportioned to its title insurance department, including treasury shares;
(b)
They may be treated as an asset, at such lesser value than that permitted by paragraph (a) of this section as the insurer estimates;
(c)
They may be omitted entirely from the statement or proceeding.