California Insurance Code 1104.1 – The commissioner may from time to time require any domestic admitted …
The commissioner may from time to time require any domestic admitted insurer to report to him, in such detail as he may prescribe, the moneys and securities owned by it, the place where such moneys and securities are deposited and, in the case of moneys and securities deposited outside the State, the reason for maintaining each such deposit outside the State.
Whenever the commissioner after hearing following notice, finds that such moneys or securities are maintained on deposit outside the State in excess of legal requirements and of the reasonable needs of the business of such insurer, he may order such insurer to transfer to, and maintain in, this State money and securities to the extent of such excess and to cease, pending such transfer, from unnecessary transfers of moneys and securities from this State to any place outside this State.
Terms Used In California Insurance Code 1104.1
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
(Added by Stats. 1947, Ch. 1073.)