California Statutes
§ 12373. — 12373. (Amended by Stats. 1965, Ch. 272.)
California·Code INS Insurance 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
A title insurer shall not make any dividends except from profits remaining on hand after retaining unimpaired assets aggregating in value an amount equal to the sum of the following:
(a)The aggregate par value of the shares of its capital stock issued and outstanding, including treasury shares;
(b)The amount required to be set apart as the title insurance surplus fund;
(c)The amount required to be maintained in the unearned premium reserve;
(d)The amount required to be maintained in the reserve for unpaid losses and loss adjustment expense;
(e)A sum sufficient to pay all liabilities for expenses and taxes and all other indebtedness.
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California § 12373. (12373. (Amended by Stats. 1965, Ch. 272.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1965, Ch. 272.