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Code · California · Insurance Code

§ 1583

128 words·~1 min read·/ca/insurance-code/1583

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The deposit required by Section 1581
(a)Shall be continuously maintained so long as any obligation arising out of any insurance transacted by such alien insurer in the United States remains in existence for any purpose whatever;
(b)Shall consist of securities authorized for investment of the assets of domestic incorporated insurers;
(c)Shall be in addition to any deposits required by law for purposes other than those specified in Section 1586;
(d)May be made with the insurance authority, or with the auditor, controller or general fiscal officer of any State of the United States in which such alien insurer is authorized to transact insurance, or otherwise held in trust as provided by the laws of the State of deposit, for the purposes specified in Section 1586.
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