The deposit required by Section 1581

(a) Shall be continuously maintained so long as any obligation arising out of any insurance transacted by such alien insurer in the United States remains in existence for any purpose whatever;

Terms Used In California Insurance Code 1583

  • alien insurer: means a foreign insurer organized under the laws of any jurisdiction other than a State of the United States. See California Insurance Code 1580
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28

(b) Shall consist of securities authorized for investment of the assets of domestic incorporated insurers;

(c) Shall be in addition to any deposits required by law for purposes other than those specified in Section 1586;

(d) May be made with the insurance authority, or with the auditor, controller or general fiscal officer of any State of the United States in which such alien insurer is authorized to transact insurance, or otherwise held in trust as provided by the laws of the State of deposit, for the purposes specified in Section 1586.

(Repealed and added by Stats. 1941, Ch. 51.)

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