§ 12386. — 12386. (Added by Stats. 1965, Ch. 272.)

California § 12386.

• 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. 3.5.: ARTICLE 3.5. Unearned Premium Reserve and Reserve for Unpaid Losses and Loss Expense

Text

In the event that reinsurance is not obtained, as authorized by Section 12385, the unearned premium reserve and assets constituting the guarantee fund of the title insurer, or so much as remains thereof after outstanding claims have been paid, shall constitute a trust fund to be held by the commissioner for twenty (20) years, out of which claims of policyholders shall be paid as they arise. The balance, if any, of such fund shall, at the expiration of twenty (20) years, constitute general assets of the title insurer.

Legislative History

Added by Stats. 1965, Ch. 272.