Ins. Code, § 11120 · Article 7. Financial Matters
Ins. Code, § 11120
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
When a society, or a class or section thereof, has assets equal to the reserves and credits on its policies, it may collect periodical or other contributions from the members of the society, class or section which, with interest accretions, will be sufficient to accomplish all the following:
(a) Pay the claims arising from its policies.
(b) Pay for the expense of management of the society.
(c) Maintain a fund sufficient to meet its accrued liabilities.
(d) Maintain assets equal to the reserves and credits.
Societies not operating pursuant to this section shall comply with Section 11121.
Notes and commentary — not statutory text
History
Repealed and added by Stats. 1951, Ch. 1193.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=11120.
- Text hash
- sha256 6333bd1857d124d4fb0d63d5666f9f375809bbfdd6bbde93ca2940b97e6c54a5
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
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Insurance Code
Cited by 2 provisions
Provisions in this library whose text cites Ins. Code, § 11120. Each shows the citation as that text prints it.
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