§ 7014
65 words·~1 min read·
/ca/insurance-code/7014A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The board of directors may at its annual meeting levy an assessment not to exceed twenty-five cents on the $100 of the first class of insurance and a pro rata amount on lower classes. The sum so raised shall constitute a reserve fund to be used in emergency cases only. Another assessment for this fund shall not be made while this reserve fund remains intact.