Cal. Insurance Code § 10930.4
Cal. Insurance Code § 10930.4
California · California Insurance Code · Status: effective · Effective 2013-01-01
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- Citation
- Cal. Insurance Code § 10930.4, California, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/880582
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Full text
(a) A solvency loan obtained by a CO-OP shall be treated as a surplus note and shall be subject to the same requirements as are imposed on mutual insurers pursuant to Article 4 (commencing with Section 4040) of Chapter 4 of Part 1 of Division 2. The commissioner may request any documentation relating to a CO-OP’s start-up loan or solvency loan.
(b) A CO-OP shall be subject to the same securities permit requirements as are imposed upon mutual insurers pursuant to Section 4042; however, the commissioner shall have the authority to waive the requirements under Section 4042 upon a determination that they are not applicable following a full review of the CO-OP’s plan of operations and any other documents as requested by the commissioner prior to the admission of the CO-OP.