California Insurance Code

§ 1192.10

INS § 1192.10 Effective Jan 1, 1994Div. 1 · Part 2 · Ch. 2 · Art. 4

Statute text

(a)Excess funds investments may be made in securities evidencing an undivided interest in, the right to receive payments from, or payable primarily from distributions on a pool of financial assets held by an unaffiliated business entity, other than those authorized by Section 1192.6, if all of the following conditions are met:

(1)The business entity is not a sole proprietorship and is established solely for the purpose of acquiring specific types of financial assets, issuing securities representing an undivided interest in, or right to receive cash flows from, those assets, and engaging in related activities.

(2)The pool of assets consists solely of interest-bearing obligations or other contractual obligations representing the right to receive payment from the assets.

…

Legislative history

Added by Stats. 1993, Ch. 512, Sec. 1. Effective January 1, 1994.