§ 12373. — 12373. (Amended by Stats. 1965, Ch. 272.)

California § 12373.

• Jurisdiction: 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

Text

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.

Legislative History

Amended by Stats. 1965, Ch. 272.