ARTICLE 11. Deposit of Securities [939. - 956.]
Article 11 enacted by Stats. 1935, Ch. 145.
§§ 939–956 · 18 sections
- § 939 Except as otherwise expressly provided, all deposits of securities with the commissioner shall be subject to the provisions of this article.
- § 940 The commissioner shall accept and hold securities in trust for the policyholders or policyholders and creditors of an insurer and for their benefit, whenever…
- § 940.1 The commissioner shall require the payment of fifty-eight dollars ($58) in lawful money of the United States in advance for receiving and processing securities…
- § 941 Such deposited securities shall not be estimated above their par value nor above their market value, except that preferred stock shall be estimated only at its…
- § 942 The commissioner shall permit a deposit of those securities in the State Treasury, subject to the provisions of Section 11691, if applicable. The securities…
- § 943 So long as the insurer continues solvent the commissioner shall permit it to collect the interest or dividends on the securities so deposited, and from time to…
- § 944 Securities deposited under the provisions of this article shall not be withdrawn from the State treasury except upon the written order of the insurer making…
- § 945 If the deposit is of mortgages, it shall be accompanied either by full abstracts of title with the fees for examination of title, or by policies of title…
- § 946 If the deposit is of stocks or bonds, it shall be accompanied by the fees necessary for the appraisal thereof, except as otherwise provided by Article 3,…
- § 948 Whenever an insurer has deposited with the commissioner the requisite security, in conformity with the requirements of this article, the commissioner shall…
- § 949 The commissioner shall require the payment of seventy-two dollars ($72), in advance, as a fee for each certificate issued pursuant to this article.
- § 950 Whenever such a depositing insurer has paid, canceled, or reinsured all its unexpired policies outstanding in this State, and all its liabilities under such…
- § 951 Pending such examination the securities requested to be withdrawn may continue subject to withdrawal and substitution as provided by section 943.
- § 952 Whenever the laws of any other state or country, by reason of which Section 940 is brought into force, are repealed and abrogated, then any deposit with the…
- § 953 Whenever a domestic insurer deposits securities with an officer of this State, in order to enable it to do business in another State pursuant to the laws of…
- § 954 The commissioner shall make an annual examination of the securities received by him from each insurer. If it appears at any time that the securities deposited…
- § 955 All appraisal fees collected by the commissioner under the provisions of this article shall be paid into the State treasury in trust and withdrawn as provided…
- § 956 An account or accounts in one or more banks or savings and loan associations the accounts of which are insured by an agency or instrumentality of the federal…