DIVISION 2. CLASSES OF INSURANCE 1880-12880.5›PART 6. INSURANCE COVERING LAND 12340-12661›CHAPTER 2A. Mortgage Guaranty Insurance 12640.01-12640.20›ARTICLE 2. Capital, Surplus and Contingency Reserve Requirements 12640.03-12640.06

§ 12640.03

California Insurance Code · 2018-11 edition · updated 2026-10-04 · California

An insurer shall not transact the business of mortgage guaranty insurance unless it has paid-in capital of at least one million dollars ($1,000,000) and paid-in surplus of at least one million dollars ($1,000,000).

(Added by Stats. 1961, Ch. 719.)

Get a plain-English answer with a citation back to this text.

Ask AI about this code

Export this section

▸Contents — California Insurance Code

California Insurance Code

GoCodebook provides public access, search, citation, multilingual explanation, and practical interpretation of legally adopted building regulations. It is not a substitute for the official ICC or California code publications.