The commissioner shall revoke the certificate of a domestic mutual insurer to issue policies without contingent liability if

(a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such certificate, or

Terms Used In California Insurance Code 4063

  • 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 Insurance Code 20
  • Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the certificate be revoked.

(Added by Stats. 1963, Ch. 1772.)

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