California Insurance Code 12101 – An insurer may be organized and admitted to transact financial …
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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 of this state. Except as provided in Section 12118, an insurer shall be required to be licensed to transact financial guaranty insurance in California before it transacts that insurance in this state. An insurer shall become admitted to transact financial guaranty insurance upon making application and complying with all the requirements of the law.
(Repealed and added by Stats. 1990, Ch. 1032, Sec. 6.)
Terms Used In California Insurance Code 12101
- Financial guaranty insurance: means a surety bond, an insurance policy or, when issued by an insurer, an indemnity contract and any guarantee similar to the foregoing types, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee as a result of any of the following events:
California Insurance Code 12100
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28