§ 12373
107 words·~1 min read·
/ca/insurance-code/12373A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A title insurer shall not make any dividends except from profits remaining on hand after retaining unimpaired assets aggregating in value an amount equal to the sum of the following:
(a)The aggregate par value of the shares of its capital stock issued and outstanding, including treasury shares;
(b)The amount required to be set apart as the title insurance surplus fund;
(c)The amount required to be maintained in the unearned premium reserve;
(d)The amount required to be maintained in the reserve for unpaid losses and loss adjustment expense;
(e)A sum sufficient to pay all liabilities for expenses and taxes and all other indebtedness.