California Insurance Code 12051 – During the first three years following its admission, the insurer’s …
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During the first three years following its admission, the insurer’s assets in an amount equal to its required paid-in capital shall be in cash or in the value of obligations, purchase of which is approved by the commissioner, of the United States government, any State, or any county in this State.
(Enacted by Stats. 1935, Ch. 145.)
Terms Used In California Insurance Code 12051
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- County: includes "city and county. See California Insurance Code 14
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28