California Statutes
§ 4060. — 4060. (Amended by Stats. 2017, Ch. 534, Sec. 52.)
California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 1. PART 1. FIRE AND MARINE INSURANCE·Ch. 4. CHAPTER 4. General Mutual Insurers·Art. 6. ARTICLE 6. Nonassessable Policies
A domestic mutual insurer while maintaining unimpaired surplus funds not less in amount than one and one-half times the minimum paid-in capital stock required of a domestic stock insurer formed under this code for authority to transact the same class or classes of insurance, may, upon receipt of the commissioner’s certificate so authorizing, extinguish the contingent liability to assessment of its members as to all its policies in force and may omit provisions imposing contingent liability in all policies currently issued. A fee of two hundred eighty-three dollars ($283) shall accompany any application for that certificate.
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California § 4060. (4060. (Amended by Stats. 2017, Ch. 534, Sec. 52.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2017, Ch. 534, Sec. 52. (AB 1699) Effective January 1, 2018.