The commissioner may from time to time examine the trusteed assets of any alien admitted insurer pursuant to Section 736, and may from time to time require the trustee holding trusteed assets of an alien admitted insurer to file with the commissioner a statement, in such form as he may prescribe, certifying such trusteed assets and the amounts thereof. Refusal or neglect on the part of such trustee to comply with such requirement shall be ground for the revocation of such alien insurer‘s certificate of authority or for proceedings against it under the provisions of Article 14, Chapter 1, Part 2, Division 1.
(Added by Stats. 1941, Ch. 51.)
Terms Used In California Insurance Code 1598
- 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.
- Commissioner: means the Insurance Commissioner of this State. See California Education Code 25022.5
- Trustee: A person or institution holding and administering property in trust.