California Insurance Code

§ 988

INS § 988Div. 1 · Part 2 · Ch. 1 · Art. 13

Statute text

(a)As used in this section:

(1)“Impaired” means a financial situation in which the assets of an insurer are less than the sum of the insurer’s minimum required capital, minimum required surplus and all liabilities as determined in accordance with the requirements for the preparation and filing of the annual statement of an insurer.

(2)“Chief executive officer” means the person, irrespective of title, designated by the board of directors or trustees of an insurer as the person charged with the responsibility of administering and implementing the insurer’s policies and procedures.

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Legislative history

Added by Stats. 1990, Ch. 302, Sec. 1.