(a) No domestic insurer shall acquire any investment respecting a foreign jurisdiction, or any investment denominated in the currency of that foreign jurisdiction, if that jurisdiction is designated as a state sponsor of terrorism by the United States Secretary of State pursuant to Section 6(j) of the Export Administration Act, Section 40 of the Arms Export Control Act, and Section 620A of the Foreign Assistance Act.

(b) If any investment made pursuant to Section 1241 later becomes prohibited by this section, that investment shall not be retained as an investment made pursuant to this code.

Terms Used In California Insurance Code 1241.1

  • Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
  • Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28

(Repealed and added by Stats. 2008, Ch. 129, Sec. 7. Effective January 1, 2009.)

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