ARTICLE 7. Financial Matters

Article 7 added by Stats. 1951, Ch. 1193.

§§ 11120–11146 · 28 sections

§ 11120 When a society, or a class or section thereof, has assets equal to the reserves and credits on its policies, it may collect periodical or other contributions…
§ 11121 Unless it operates under Section 11120, a society, or class or section thereof, shall collect from its members both stated contributions expressly segregated…
§ 11122 Any society may create, maintain, invest, disburse and apply any special fund or funds necessary to carry out any purpose permitted by the laws of the society.…
§ 11122.1 A society may, if authorized by a resolution of its supreme legislative or governing body, establish and operate one or more separate accounts and issue…
§ 11123 Any such society may own real estate and buildings within or without the state of its incorporation, for any purposes for which it may use funds. It may…
§ 11124 Unless otherwise provided in the contracts of the members, such funds shall be held, invested, and disbursed for the use and benefit of the society, and no…
§ 11125 Every domestic society shall invest its funds only in securities permitted by the laws of this State for the investment of the assets of life insurers issuing…
§ 11126 An admitted foreign society shall invest its funds either under the same restrictions as domestic societies or in accordance with the laws of the state in…
§ 11127 An admitted foreign society organized under the laws of any jurisdiction other than a state of the United States shall at all times maintain with a trustee in…
§ 11128 The value of the trusteed assets referred to in Section 11127 shall be equal to the sum of all of the following: (a) All of the indebtedness of that society in…
§ 11129 The provisions of Sections 1596 to 1598, inclusive, shall apply to such society specified in Section 11127 and to the matters set forth in Sections 11127 and…
§ 11130 The commissioner may require any society specified in Section 11127 to file with him annually and at such other times as he may determine, and in such form as…
§ 11131 Every society transacting business in this state shall annually, on or before the first day of March, unless for cause shown such time has been extended by the…
§ 11132 A synopsis of its annual statement and valuation report providing an explanation of the facts concerning the condition of the society thereby disclosed shall…
§ 11133 In addition to the annual report required by Section 11131, each society shall annually, on or before the first day of March, file with the commissioner a…
§ 11134 Except as otherwise provided in Section 10489.6, reserves according to the commissioners’ reserve valuation method, for the life insurance and endowment…
§ 11135 The present value of deferred payments due under incurred claims or matured certificates shall be deemed a liability of the society and shall be computed upon…
§ 11136 Except as otherwise provided in Section 10489.4, such valuation shall be certified by a competent actuary or, at the expense of the society, verified by the…
§ 11137 Whenever the commissioner finds from any financial statement or valuation report made to him or her by any society authorized to do business in this state or…
§ 11138 The commissioner, or any person he may appoint, shall have the power of visitation and examination into the affairs of any domestic society. He may employ…
§ 11139 No report of examination shall be adopted by the commissioner or filed by him as an official document except after a notice is given and a hearing held…
§ 11140 The commissioner, or any person whom he may appoint, may examine any foreign society, transacting or applying for admission to transact business in this State.…
§ 11141 Pending, during or after an examination or investigation of a society, either domestic or foreign, the commissioner shall make public no financial statement,…
§ 11142 No person shall cause or permit to be made, issued or circulated in any form: (a) Any misrepresentation or false or misleading statement concerning the terms,…
§ 11143 A comparison of insurance contracts is incomplete if it does not compare in detail: (a) The gross rates, and the gross rates less any dividend or other…
§ 11144 A comparison of insurance contracts is incomplete if it omits from consideration: (a) Any benefit or value provided in the contract, (b) Any differences as to…
§ 11145 In any determination of the incompleteness or misleading character of any comparison or statement, it shall be presumed that the insured had no knowledge of…
§ 11146 Any person who violates any provision of Sections 11142 to 11145 or knowingly receives any compensation or commission by or in consequence of such violation,…