California Insurance Code

§ 1077.4

INS § 1077.4Div. 1 · Part 2 · Ch. 1 · Art. 15.5

Statute text

During the period of supervision, the commissioner or his or her designated appointee shall serve as the administrative supervisor. The commissioner may provide that the insurer may not do any of the following things during the period of supervision, without the prior approval of the commissioner or his or her appointed supervisor:

(a)Dispose of, convey, or encumber any of its assets or its business in force.

(b)Withdraw any of its bank accounts.

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Legislative history

Added by Stats. 1991, Ch. 986, Sec. 8.