Ins. Code, § 700.01 · Article 3. Certificate of Authority
Ins. Code, § 700.01
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
In addition to any or all of the classes of insurance which it is permitted to transact by all other applicable provisions of this code, any incorporated insurer admitted or hereafter admitted for one or more of the classes of insurance stated in Section 100, except life, title, mortgage, or mortgage guaranty shall (subject to any limitations contained in its articles of incorporation or charter) be admitted after January 1, 1990, for any or all of the following classes, upon making application therefor and complying with all applicable requirements of law, if its paid-in capital is not less than two million six hundred thousand dollars ($2,600,000) or the aggregate of the amounts hereinafter set forth opposite the classes transacted by it in the United States if an alien insurer, or in any jurisdiction if other than an alien insurer, whichever is lower; provided, that the paid-in capital of incorporated insurers not transacting either fire, marine or surety insurance making application under this section shall be at least three hundred thousand dollars ($300,000) in excess of that aggregate amount. In no event shall any incorporated insurer, as a condition for its admission, be permitted to have a paid-in capital of less than one million dollars ($1,000,000) or be required to have a paid-in capital in excess of two million six hundred thousand dollars ($2,600,000) for any or all of the classes of insurance hereinafter set forth.
Number and name of class Amount of capital
2. Fire ...... $350,000
3. Marine ...... 350,000
5. Surety ...... 350,000
6. Disability ...... 250,000
7. Plate glass ...... 100,000
8. Liability 9. Workers’ compensation 10. Common carrier liability ⎫______ ⎪______ ⎬...... ⎪______ ⎭______ 300,000 for any or all of these
11. Boiler and machinery ...... 100,000
12. Burglary ...... 100,000
13. Credit ...... 100,000
14. Sprinkler ...... 100,000
15. Team and vehicle ...... 100,000
16. Automobile ...... 200,000
18. Aircraft ...... 100,000
20. Miscellaneous ...... 100,000
This section shall not be applicable to life, title, mortgage, or mortgage guaranty insurance, and an insurer now or hereafter admitted to transact life, title, mortgage, or mortgage guaranty insurance shall not be admitted under the provisions of this section, but its admission is governed by other applicable provisions of this code.
Insurers admitted for one or more classes of insurance on December 31, 1989, shall be governed by the provisions of this section in effect as of December 31, 1989, until December 31, 1999. After December 31, 1999, all insurers governed by this section shall meet the capital requirements of this section as become effective January 1, 1990. Insurers admitted for one or more classes of insurance on December 31, 1989, that thereafter amend their certificate of authority to add a class or classes of insurance shall become subject to the capital requirements of this section.
Notes and commentary — not statutory text
History
Amended by Stats. 1989, Ch. 418, Sec. 1.
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=700.01.
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This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Insurance Code
Cited by 10 provisions
Provisions in this library whose text cites Ins. Code, § 700.01. Each shows the citation as that text prints it.
Insurance Code
- Ins. Code, § 700.025Printed as Section 700.01
- Ins. Code, § 700.03Printed as Sections 700.01 and 10511
- Ins. Code, § 700.05Printed as Section 700.01
- Ins. Code, § 1282Printed as Sections 700.01, 700.02, 700.03, and 700.04
- Ins. Code, § 1311Printed as Section 700.01
- Ins. Code, § 1374.1Printed as Sections 700.01, 700.02, and 700
- Ins. Code, § 4015Printed as Section 700.01
- Ins. Code, § 11600Printed as Sections 700.01 to 700.05, inclusive
- Ins. Code, § 12124Printed as Sections 700.01 to 700.05, inclusive
- Ins. Code, § 12125Printed as Sections 700.01, 700.02, 10510, and 10511
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.