SECTIONS 12050-12055 - California Statutes

INSURANCE CODE

SECTION 12050-12055

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 700.05, inclusive.

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 of obligations, purchase of which is
approved by the commissioner, of the United States government, any
State, or any county in this State.

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 incorporated insurers issuing policies on a
reserve basis.

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 any person so insured by
it. In performing any such act the credit insurer shall be under the
jurisdiction of the Insurance Commissioner.