Cal. Health and Safety Code § 51639
Cal. Health and Safety Code § 51639
California · California Health and Safety Code · Status: effective · Effective 1993-07-15
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- Citation
- Cal. Health and Safety Code § 51639, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/869979
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Full text
The agency shall establish reserve accounts for unearned premiums, losses, and potential catastrophic losses caused by economic cycles. The agency shall not cause sums to be withdrawn from the loan insurance reserve account in amounts which would reduce the moneys therein to less than the insurance reserve requirement, except as necessary to satisfy liabilities arising under contracts of loan insurance. In the event that the loan insurance reserve account is reduced to less than the insurance reserve requirement, the agency shall cease making commitments for, and contracts of, insurance until the loan insurance reserve account has been restored to satisfy that requirement.