PART 4. MISCELLANEOUS CASUALTY INSURANCES [12050. - 12129.]
Part 4 enacted by Stats. 1935, Ch. 145.
§§ 12050–12129 · 44 sections
CHAPTER 1. Surety Insurers on Reserve Basis; Capital Requirements and Permitted Insurances §§ 12050–12122 · 38 sections
ARTICLE 1. Capital and Scope of Business §§ 12050–12055 · 4 sections
- § 12050 An incorporated insurer issuing surety policies on the reserve basis shall be governed by the paid-in capital and surplus requirements of Sections 700. 01 to…
- § 12051 During the first three years following its admission, the insurer’s assets in an amount equal to its required paid-in capital shall be in cash or in the value…
- § 12052 After such three-year period, investments of such insurers are subject only to the provisions of this code regulating generally the investments of other…
- § 12055 An insurer admitted in the State to transact credit insurance may also acquire and dispose of debts so insured and collect any debts owed to such insurer or to…
ARTICLE 2. Administrative Control §§ 12070–12072 · 2 sections
- § 12070 The commissioner shall publish and maintain a complete list of all admitted surety insurers on the department’s public Web site. The list shall set forth all…
- § 12072 (a) Whenever the insurer’s certificate of authority is surrendered, revoked, canceled, annulled, or suspended or whenever any such insurer, after such…
ARTICLE 3. Special Restrictions on Business §§ 12090–12093 · 4 sections
- § 12090 (a) An admitted surety insurer shall not become surety on any one undertaking, or accept reinsurance on such undertaking, when its liability thereon, in excess…
- § 12091 Whenever a surety insurer fails to maintain such a financial condition that assets allowed under subdivision (a) are equal in value to the aggregate of the…
- § 12092 Whenever such an insurer fails to maintain the financial condition required by section 12091, the commissioner shall require the deficiency to be made up in…
- § 12093 Whenever a surety insurer gives notice of cancellation of the coverage of an employee under a blanket fidelity bond, upon the request of the employee, the…
ARTICLE 4. Special Regulations §§ 12095–12097 · 3 sections
- § 12095 No insurer admitted in this state to issue surety insurance shall fail or refuse to accept an application for a contractor’s license or performance bond, or to…
- § 12096 (a) Any applicant for a contractor’s license or performance bond who believes that the admitted surety insurer, regularly issuing such bonds, to whom he has…
- § 12097 Whoever denies a contractor’s license or performance bond solely on the grounds specified in this article is liable for each and every such offense for the…
ARTICLE 5. Financial Guaranty Insurance §§ 12100–12122 · 25 sections
- § 12100 As used in this article: (a) (1) “Financial guaranty insurance” means a surety bond, an insurance policy or, when issued by an insurer, an indemnity contract…
- § 12101 An insurer may be organized and admitted to transact financial guaranty insurance in the manner prescribed for stock property and casualty insurers by the laws…
- § 12102 (a) An insurer with a certificate of authority to transact the business of financial guaranty insurance as defined in Section 12100 may also transact the…
- § 12103 Prior to the issuance of a certificate of authority to transact financial guaranty insurance, an insurer shall submit for the approval of the commissioner a…
- § 12104 An admitted financial guaranty insurance corporation shall be subject to all of the provisions of this code applicable to property and casualty insurers to the…
- § 12105 The filing fee for a certificate of authority or amended certificate of authority to transact financial guaranty insurance shall be seven thousand four hundred…
- § 12106 (a) An admitted financial guaranty insurance corporation’s investments in any one entity insured by that corporation shall not exceed 4 percent of its admitted…
- § 12107 (a) No insurer shall be issued a license to transact financial guaranty insurance unless it has paid-in capital of at least fifteen million dollars…
- § 12108 (a) An admitted financial guaranty insurance corporation shall establish and maintain a contingency reserve. (b) With respect to all financial guaranties…
- § 12109 (a) In addition to the contingency reserve, the case basis method or other method as may be prescribed by the commissioner shall be used to determine loss…
- § 12110 An unearned premium reserve shall be established and maintained net of reinsurance and collateral with respect to all financial guaranty premiums. Where…
- § 12111 An admitted financial guaranty insurance corporation shall adopt procedures reasonably calculated to ensure, to the extent it is commercially feasible for the…
- § 12112 (a) Except as provided in Section 12118, financial guaranty insurance may be transacted in this state only by an insurer admitted to transact financial…
- § 12113 An admitted financial guaranty insurance corporation shall keep copies of all relevant materials prepared by the insurer or used in the initial underwriting or…
- § 12114 (a) An insurer may insure obligations enumerated in subparagraphs (A), (B), and (C) of paragraph (1) of subdivision (b) of Section 12112 that are not…
- § 12115 A financial guaranty insurance corporation admitted to transact financial guaranty insurance in this state shall limit its exposure to loss, net of collateral…
- § 12115.5 (a) If an admitted financial guaranty insurance corporation fails to maintain a rating in any of the top three generic rating classifications by any securities…
- § 12116 (a) If an admitted financial guaranty insurance corporation at any time exceeds any limitation prescribed by subdivision (a) or (b) of Section 12114 or Section…
- § 12116.5 (a) The commissioner may, for good cause, implement by regulation, order, or written consent, reasonable conditions or limitations under which any or all…
- § 12117 A financial guaranty insurance corporation shall not be deemed in violation of any limitation prescribed by Section 12115 with respect to any financial…
- § 12118 An admitted insurer transacting financial guaranty insurance in this state but which is not admitted to transact, financial guaranty insurance in this state…
- § 12119 Policy forms and any amendments thereto shall be filed with the commissioner within 30 days after their use in this state by the financial guaranty insurance…
- § 12120 An admitted financial guaranty insurance corporation with respect to financial guaranty insurance rates, shall not be subject to Sections 1861.01 and 1861.05,…
- § 12121 (a) For financial guaranty insurance that takes effect on or after January 1, 1991, an insurer authorized to transact financial guaranty insurance shall…
- § 12122 No insurer authorized to transact financial guaranty insurance shall pay any commission to or make any gift of money, property, or other valuable thing to any…
CHAPTER 2. Other Casualty Insurers on Reserve Basis; Capital Requirements and Permitted Insurances § 12124 · 1 section
- § 12124 An incorporated insurer that does not issue fire, marine, life, liability, workers’ compensation, common carrier liability, surety, title or mortgage policies…
CHAPTER 3. Group and Individual Plans for Legal Insurance §§ 12125–12129 · 5 sections
- § 12125 (a) Subject to the provisions of this chapter, any insurer admitted to transact any class of insurance in this state, other than title insurance, mortgage…
- § 12126 Group legal insurance shall mean that form of legal insurance covering groups of persons as defined in this chapter with or without one or more of their…
- § 12127 Group and individual legal insurance may be offered in this state subject to all the following conditions: (a) Premium rates shall comply with any pertinent…
- § 12128 In every group legal insurance plan, the employer, labor union, trustees, or other person to whom a group legal insurance plan policy is issued shall be the…
- § 12129 The provisions of this chapter shall be enforced by the commissioner, and he may, after notice and public hearing, promulgate such reasonable rules and…