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2022 California Code
Insurance Code - INS
DIVISION 2 - CLASSES OF INSURANCE
PART 5 - MOTOR CLUBS
CHAPTER 2 - Certificate of Authority
Section 12162.8.
Universal Citation:
CA Ins Code § 12162.8 (2022)
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12162.8. If any portion of the audit report required by paragraph (1) of subdivision (b) of Section 12162.6 includes a qualified opinion as to the financial condition of the motor club or its ability to exist as a going concern, the motor club shall be considered materially deficient under Section 717, and subject to Section 12164. Similarly, if a motor club qualifying under paragraph (2) of subdivision (b) of Section 12162.6 fails to demonstrate to the commissioner an amount of liquid assets sufficient to satisfy its current liabilities to members, it shall be considered materially deficient under Section 717 and subject to Section 12164.
(Added by Stats. 1992, Ch. 15, Sec. 4. Effective January 1, 1993.)
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