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California · Through 2026-09-13

INS § 1391

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Where this section sits in the code
  1. Insurance Code - INS
  2. DIVISION 1. GENERAL RULES GOVERNING INSURANCE [100. - 1879.8.]
  3. PART 2. THE BUSINESS OF INSURANCE [680. - 1879.8.]
  4. CHAPTER 3. Reciprocal Insurers [1280. - 1560.19.]
  5. ARTICLE 6. Assessment of Insurers [1390. - 1402.]

Whenever an exchange subject to this article, is not possessed of admitted assets sufficient to discharge all liabilities and to maintain the required surplus, the attorney may make an assessment for the amount, subject to the limits provided by this article, needed to make up the deficiency. If the attorney fails to make the assessment within 30 days after the commissioner orders him to do so, the commissioner may make the assessment. If liquidation of such an exchange is ordered, the assessment may be levied for such an amount, subject to limits provided by this article, as the commissioner determines to be necessary to discharge all liabilities of the exchange, including the reasonable cost of liquidation.

Collected 2026-09-14T05:56:33Z. Source file · JSON

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