{"code":"INS","codeName":"Insurance Code","section":"1196","citation":"Ins. Code, § 1196","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 1. GENERAL RULES GOVERNING INSURANCE [100. - 1879.8.]","url":"https://blackletter.si/insurance-code/division-1"},{"name":"PART 2. THE BUSINESS OF INSURANCE [680. - 1879.8.]","url":"https://blackletter.si/insurance-code/division-1/part-2"},{"name":"CHAPTER 2. Incorporated Insurers [1140. - 1260.]","url":"https://blackletter.si/insurance-code/division-1/part-2/chapter-2"},{"name":"ARTICLE 4. Property Authorized for Excess Funds Investments [1190. - 1202.]","url":"https://blackletter.si/insurance-code/division-1/part-2/chapter-2/article-4"}],"history":"Amended by Stats. 1937, Ch. 738.","effective":null,"html":"<p>Excess funds investments shall not be made in any stock or obligation unless:</p><p>(a) The stock or obligation qualifies as a sound investment.</p><p>(b) In case of a purchase, the price paid for the security is not in excess of the current market value at the date of purchase.</p><p>(c) In case of a loan, the amount loaned does not exceed eighty-five per cent of the market value, at the date of the loan, of the collateral taken as security.</p>","text":"Excess funds investments shall not be made in any stock or obligation unless: (a) The stock or obligation qualifies as a sound investment. (b) In case of a purchase, the price paid for the security is not in excess of the current market value at the date of purchase. (c) In case of a loan, the amount loaned does not exceed eighty-five per cent of the market value, at the date of the loan, of the collateral taken as security.","otherVersions":[],"url":"https://blackletter.si/insurance-code/property-authorized-for-excess-funds-investments-1196","source":"California Legislative Information bulk export (pubinfo)"}