ARTICLE 6. Nonassessable Policies

Article 6 added by Stats. 1963, Ch. 1772.

§§ 4060–4064 · 5 sections

• § 4060 A domestic mutual insurer while maintaining unimpaired surplus funds not less in amount than one and one-half times the minimum paid-in capital stock required…
• § 4061 The commissioner shall not authorize a domestic insurer to extinguish the contingent liability of any of its members or in any of its policies to be issued,…
• § 4062 A foreign or alien mutual insurer may issue nonassessable policies to its members in this State pursuant to its charter and the laws of its domicile.
• § 4063 The commissioner shall revoke the certificate of a domestic mutual insurer to issue policies without contingent liability if (a) At any time the insurer’s…
• § 4064 During the absence of such certificate the insurer shall not issue any policy without providing therein for the contingent liability of the policyholder, nor…