California Insurance Code

§ 1582

INS § 1582Div. 1 · Part 2 · Ch. 4 · Art. 2

Statute text

The amount of such deposit shall be equal to the minimum amount of the paid-in capital required for admission of incorporated insurers issuing policies on a reserve basis and transacting the same classes of insurance which such alien insurer is transacting in the United States, but the commissioner may accept such deposit in excess of such amount. Such deposit may be treated as a part of the assets of the depositing insurer. For the purpose of computing the amount of the deposit, the value of the securities shall not be estimated in excess of the par value nor of the market value thereof.

Legislative history

Amended by Stats. 1951, Ch. 542.