DIVISION 2. CLASSES OF INSURANCE 1880-12880.5›PART 4. MISCELLANEOUS CASUALTY INSURANCES 12050-12129›CHAPTER 1. Surety Insurers on Reserve Basis; Capital Requirements and Permitted Insurances 12050-12122›ARTICLE 5. Financial Guaranty Insurance 12100-12122
§ 12117
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
A financial guaranty insurance corporation shall not be deemed in violation of any limitation prescribed by Section 12115 with respect to any financial guaranty insurance outstanding prior to January 1, 1991, if the financial guaranty insurance corporation was in compliance with the applicable single risk limit in effect in this state at the time that the financial guaranty insurance policy was issued. If the financial guaranty insurance corporation was not so in compliance, it shall comply with the limitations prescribed by Section 12115 no later than January 1, 1994.
(Added by Stats. 1990, Ch. 1032, Sec. 6.)
Get a plain-English answer with a citation back to this text.
Ask AI about this code