Terms Used In California Codes > Insurance Code > Division 2 > Part 4 - MISCELLANEOUS CASUALTY INSURANCES

• Affiliate: means a person that, directly or indirectly, owns at least 10 but less than 50 percent of the financial guaranty insurance corporation or that is at least 10 percent but less than 50 percent, directly or indirectly, owned by a financial guaranty insurance corporation. See California Insurance Code 12100
• Alternate energy equipment: means equipment for the production or conversion of energy from alternate sources as its primary fuel source, such as solar, biomass, wind, geothermal, hydroelectricity under 30 megawatts, remote natural gas of less than one billion cubic feet estimated reserves per mile from an existing gas gathering line, natural gas containing 850 or fewer British Thermal Units per standard cubic foot, or any other source of energy, the efficient use of which will reduce the use of fossil or nuclear fuels. See California Government Code 4217.11
• Assessee: means the person to whom property or a tax is assessed. See California Revenue and Taxation Code 23
• Asset-backed securities: means either of the following:

  California Insurance Code 12100

• Average annual debt service: means the amount of insured unpaid principal and interest on an obligation multiplied by the number of the insured obligations (assuming that each obligation represents a $1,000 par value), divided by the amount equal to the aggregate life of all of those obligations. See California Insurance Code 12100
• board: means the California Department of Tax and Fee Administration. See California Revenue and Taxation Code 20
• City: includes incorporated city, city and county, municipal corporation, municipality, town, and incorporated town. See California Revenue and Taxation Code 14
• City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
• Cogeneration equipment: means equipment for cogeneration, as defined in §. See California Government Code 4217.11
• Collateral: means any of the following:

  California Insurance Code 12100

• Commercial real estate: means income-producing real property other than residential property consisting of less than five units. See California Insurance Code 12100
• Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
• Competent spoil: means soils that can be treated to bring their moisture content into the optimum range, and that can achieve the compaction required by the city or county in whose jurisdiction an excavation is located. See California Government Code 4200
• Conservation measures: means equipment, maintenance, load management techniques and equipment, or other measures to reduce energy use or make for a more efficient use of energy. See California Government Code 4217.11
• Conservation services: means the electrical, thermal, or other energy savings resulting from conservation measures, which shall be treated as a supply of such energy. See California Government Code 4217.11
• Contingency reserve: means an additional liability reserve established to protect policyholders against the effects of adverse economic cycles or other unforeseen circumstances. See California Insurance Code 12100
• Controller: means the State Controller. See California Revenue and Taxation Code 21
• County: includes city and county. See California Revenue and Taxation Code 15
• County: includes city and county. See California Government Code 19
• County: includes "city and county. See California Insurance Code 14
• Credit default swap: means an agreement referencing credit derivative definitions published from time to time by the International Swap and Derivatives Association, Inc. See California Insurance Code 12100
• Distressed area: means a census tract determined by the Department of Finance, pursuant to Section 13073. See California Government Code 4532
• Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26
• Energy conservation facility: means alternate energy equipment, cogeneration equipment, or conservation measures located in public buildings or on land owned by public agencies. See California Government Code 4217.11
• Energy service contract: means a contract entered into by a public agency with any person, pursuant to which the person will provide electrical or thermal energy or conservation services to a public agency from an energy conservation facility. See California Government Code 4217.11
• Excavation: means any operation in which earth, rock, or other material in the ground is moved, removed, or otherwise displaced by means of tools, equipment, or explosive in any of the following ways: grading, trenching, digging, ditching, drilling, augering, tunneling, scraping, pipe plowing and driving, or any other way. See California Government Code 4200
• Excess spread: means , with respect to any insured issue of asset-backed securities, the excess of (A) the scheduled cashflow on the underlying assets that is reasonably projected to be available, over the term of the insured securities after payment of the expenses associated with the insured issue, to make debt service payments on the insured securities over (B) the scheduled debt service requirements on the insured securities, provided that this excess is held in the same manner as collateral is required to be held under subdivision (e). See California Insurance Code 12100
• Facility financing contract: means a contract entered into by a public agency with any person whereby the person provides financing for an energy conservation facility in exchange for repayment of the financing and all costs and expenses related thereto by the public agency. See California Government Code 4217.11
• Facility ground lease: means a lease of all, or any portion of, land or a public building owned by, or under lease to, a public agency to a person in conjunction with an energy service contract or a facility financing contract. See California Government Code 4217.11
• Financial guaranty insurance: means a surety bond, an insurance policy or, when issued by an insurer, an indemnity contract and any guarantee similar to the foregoing types, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee as a result of any of the following events:

  California Insurance Code 12100

• Financial guaranty insurance corporation: means an insurer transacting financial guaranty insurance. See California Insurance Code 12100
• Foreign: means not organized under the laws of this State, whether or not admitted. See California Insurance Code 27
• Governmental unit: means a state, territory, or possession of the United States of America, the District of Columbia, the country of Canada, a province of Canada, the United Kingdom, a public authority of the United Kingdom, a member country of the Organization for Economic Co-operation and Development having a sovereign rating in one of the top two generic lettered rating classifications by a securities rating agency acceptable to the commissioner, a municipality, or a political subdivision of any of the foregoing, or any public agency or instrumentality thereof. See California Insurance Code 12100
• Insurable risk: means that the obligation on an uninsured basis has been determined to be not less than investment grade. See California Insurance Code 12100
• Investment grade: means that the obligation or parity obligation of the same issuer is rated in one of the top four generic lettered rating classifications by a securities rating agency acceptable to the commissioner, that the obligation or parity obligation of the same issuer, without regard to financial guaranty insurance, has been identified in writing by that rating agency as an insurable risk deemed to be of investment grade quality, or that the obligation or parity obligation of the same issuer has been determined to be investment grade (as indicated by a category 1 or 2 rating) by the Securities Valuation Office of the National Association of Insurance Commissioners. See California Insurance Code 12100
• licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
• Local agency: means any city, county, city and county, special district, school district, or other political subdivision of the state. See California Government Code 4200
• Mortgage: includes a trust deed, "mortgagor" includes a trustor under such trust deed, "mortgagee" includes a beneficiary under such trust deed, or a trustee exercising powers or performing duties granted to or imposed upon him thereunder, and "lien" in respect to real or personal property includes a charge or incumbrance arising out of a trust deed. See California Insurance Code 29
• Municipal bonds: means municipal obligation bonds and special revenue bonds. See California Insurance Code 12100
• Parent: means a person that, directly or indirectly, owns at least 50 percent of a financial guaranty insurance corporation. See California Insurance Code 12100
• Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Labor Code 18
• Person: means , but is not limited to, any individual, company, corporation, partnership, limited liability company, public agency, association, proprietorship, trust, joint venture, or other entity or group of entities. See California Government Code 4217.11
• Person: includes any person, firm, association, organization, partnership, limited liability company, business trust, corporation, or company. See California Government Code 17
• Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
• Poverty: means the poverty level, as defined by the United States Department of Commerce, Bureau of the Census in the Federal Register, Volume 43, Number 87, for Thursday, May 4, 1978, at pages 19260-19269, and as periodically updated. See California Government Code 4532
• Process: includes a writ or summons issued in the course of judicial proceedings of either a civil or criminal nature. See California Government Code 22
• Public agency: means the state, a county, city and county, city, district, community college district, school district, joint powers authority or other entity designated or created by a political subdivision relating to energy development projects, and any other political subdivision or public corporation in the state. See California Government Code 4217.11
• Public building: includes any structure, building, facility, or work which a public agency is authorized to construct or use, and automobile parking lots, landscaping, and other facilities, including furnishings and equipment, incidental to the use of any structure, building, facility, or work, and also includes the site thereof, and any easements, rights-of-way appurtenant thereto, or necessary for its full use. See California Government Code 4217.11
• Public purchase: means a purchase by means of competitive bids of goods, services, or materials by the state or any of its political subdivisions or public agencies on whose behalf the Attorney General may bring an action pursuant to subdivision (c) of §. See California Government Code 4550
• Public purchasing body: means the state or the subdivision or agency making a public purchase. See California Government Code 4550
• Reinsurance: means cessions qualifying for credit under Section 12121. See California Insurance Code 12100
• secured: means any of the following:

  California Insurance Code 12100

• Spouse: includes "registered domestic partner" as required by §. See California Labor Code 12.2
• State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
• State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
• state of emergency: means a state of emergency or local emergency as defined in §. See California Insurance Code 16000
• Subdivision: means a subdivision of the section in which the term occurs unless some other section is expressly mentioned. See California Government Code 10
• Subsidiary: means a person that, directly or indirectly, is at least 50 percent owned by a financial guaranty insurance corporation. See California Insurance Code 12100
• taxes: includes assessments collected at the same time and in the same manner as county taxes. See California Revenue and Taxation Code 4801
• Worksite: means either of the following:

  California Government Code 4532