Ins. Code, § 928 · Article 10.3. Single Risk Limitation
Ins. Code, § 928
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) An admitted insurer shall not undertake any single risk or accept reinsurance on any single risk when its liability thereon in excess of the amount reinsured by reinsurance authorized for annual statement credit under this code exceeds 10 percent of its capital and surplus as shown by its last statement on file in the office of the commissioner.
(b) This section shall apply to any class or classes of insurance specified in Chapter 1 (commencing with Section 100) of Part 1 of Division 1, except:
(1) Life, as defined in Section 101.
(2) Title, as defined in Section 104.
(3) Surety, as defined in Section 105.
(4) Mortgage Guaranty, as defined in Section 119.
(5) Financial Guaranty, as defined in Section 124.
Notes and commentary — not statutory text
History
Added by Stats. 1992, Ch. 614, Sec. 4. Effective January 1, 1993.
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=928.
- Text hash
- sha256 b5b6f78c344a00e44e9930a367f692a0278fcc6c0818e8315f989c1338a5f722
- 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
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
- Ins. Code, div. 1, pt. 1, ch. 1Classes of InsurancePrinted as Chapter 1 (commencing with Section 100) of Part 1 of Division 1
- Ins. Code, § 101Printed as Section 101
- Ins. Code, § 104Printed as Section 104
- Ins. Code, § 105Printed as Section 105
- Ins. Code, § 119Printed as Section 119
- Ins. Code, § 124Printed as Section 124
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.