California Statutes
§ 1391. — 1391. (Amended by Stats. 1969, Ch. 1347.)
California·Code INS Insurance Code - INS·Div. 1. DIVISION 1. GENERAL RULES GOVERNING INSURANCE·Part 2. PART 2. THE BUSINESS OF INSURANCE·Ch. 3. CHAPTER 3. Reciprocal Insurers·Art. 6. ARTICLE 6. Assessment of Insurers
Whenever an exchange subject to this article, is not possessed of admitted assets sufficient to discharge all liabilities and to maintain the required surplus, the attorney may make an assessment for the amount, subject to the limits provided by this article, needed to make up the deficiency. If the attorney fails to make the assessment within 30 days after the commissioner orders him to do so, the commissioner may make the assessment. If liquidation of such an exchange is ordered, the assessment may be levied for such an amount, subject to limits provided by this article, as the commissioner determines to be necessary to discharge all liabilities of the exchange, including the reasonable cost of liquidation.
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California § 1391. (1391. (Amended by Stats. 1969, Ch. 1347.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 1969, Ch. 1347.