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2023 California Code
Insurance Code - INS
DIVISION 1 - GENERAL RULES GOVERNING INSURANCE
PART 2 - THE BUSINESS OF INSURANCE
CHAPTER 4 - Foreign Insurers
ARTICLE 2 - Alien Insurers
Section 1582.
Universal Citation:
CA Ins Code § 1582 (2023)
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1582. The amount of such deposit shall be equal to the minimum amount of the paid-in capital required for admission of incorporated insurers issuing policies on a reserve basis and transacting the same classes of insurance which such alien insurer is transacting in the United States, but the commissioner may accept such deposit in excess of such amount. Such deposit may be treated as a part of the assets of the depositing insurer. For the purpose of computing the amount of the deposit, the value of the securities shall not be estimated in excess of the par value nor of the market value thereof.
(Amended by Stats. 1951, Ch. 542.)
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