The commissioner shall accept and hold securities in trust for the policyholders or policyholders and creditors of an insurer and for their benefit, whenever (a) the law of another state or of a foreign country requires such a deposit with an officer of this state as a prerequisite to transacting insurance business in that state or country, or (b) the law of this state requires such a deposit with an officer of this state.
(Amended by Stats. 1965, Ch. 165.)
Terms Used In California Insurance Code 940
- Commissioner: means the Insurance Commissioner of this State. See California Education Code 25022.5
- Foreign: means not organized under the laws of this State, whether or not admitted. See California Education Code 32032
- State: means the State of California, unless applied to the different parts of the United States. See California Education Code 32033