California Insurance Code

§ 985

INS § 985 Effective Jan 1, 2014Div. 1 · Part 2 · Ch. 1 · Art. 13

Statute text

(a)On or after January 1, 1970, as used in this article and in subdivision (i) of Section 1011, “insolvency” means either of the following:

(1)Any impairment of minimum “paid-in capital” or “capital paid in,” as defined in Section 36, required in the aggregate of an insurer by the provisions of this code for the class, or classes, of insurance that it transacts anywhere.

(2)An inability of the insurer to meet its financial obligations when they are due.

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Legislative history

Amended by Stats. 2013, Ch. 321, Sec. 6. (AB 1391) Effective January 1, 2014.