California Insurance Code 4061 – The commissioner shall not authorize a domestic insurer to extinguish …
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The commissioner shall not authorize a domestic insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued, unless it qualifies to and does extinguish such liability of all its members and in all such policies for all kinds of insurance transacted by it. No assessment shall be levied against any member or subscriber with respect to any nonassessable policy issued when the insurer had an unrevoked certificate to issue nonassessable policies.
(Added by Stats. 1963, Ch. 1772.)
Terms Used In California Insurance Code 4061
- 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