Ins. Code, § 12091 · Article 3. Special Restrictions on Business
Ins. Code, § 12091
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
Whenever a surety insurer fails to maintain such a financial condition that assets allowed under subdivision (a) are equal in value to the aggregate of the charges prescribed under subdivision (b), the commissioner shall act as prescribed in Section 12092.
(a) In estimating its condition the commissioner shall allow as assets only such as are allowed under law in force at the time of the estimate.
(b) The charges to be aggregated shall be:
(1) Eighty percent of the paid-in capital, but in no case less than two hundred fifty thousand dollars ($250,000).
(2) All outstanding indebtedness.
(3) Provision for reinsuring all outstanding risks, estimated as prescribed in Section 985.
Notes and commentary — not statutory text
History
Amended by Stats. 1971, Ch. 163.
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=12091.
- Text hash
- sha256 723b44360a6b579b71b2b40b7f9ec2d13316b2da0ebed25a62c9aecfca299698
- 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
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