DIVISION 2. CLASSES OF INSURANCE 1880-12880.5›PART 1. FIRE AND MARINE INSURANCE 1880-10108.1›CHAPTER 4. General Mutual Insurers 4010-4097.20›ARTICLE 6. Nonassessable Policies 4060-4064
§ 4063
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
The commissioner shall revoke the certificate of a domestic mutual insurer to issue policies without contingent liability if
(a) At any time the insurer’s assets are less than the sum of its liabilities and the surplus required for such certificate, or
(b) The insurer, by resolution of its board of directors approved by a majority of its members, requests that the certificate be revoked.
(Added by Stats. 1963, Ch. 1772.)
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