California Insurance Code 1371 – If an exchange does either liability or workers’ compensation …
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If an exchange does either liability or workers’ compensation insurance, it shall at all times maintain assets in a sum sufficient to discharge all liabilities and to provide a surplus over all liabilities of one hundred thousand dollars ($100,000).
An exchange subject to the provisions of this section is also subject to the provisions of Sections 1370.2, 1370.4, and 1370.8.
Terms Used In California Insurance Code 1371
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(Amended by Stats. 2018, Ch. 231, Sec. 7. (AB 2045) Effective January 1, 2019.)