Statute · California Health and Safety Code
Cal. Health & Safety Code § 51639 — Administration
Cal. Health & Safety Code § 51639
- Type
- Statute
- Source
- California Health and Safety Code
- Jurisdiction
- California
- Date
- 1993-07-15
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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 The agency shall not cause sums to be withdrawn from the loan insurance reserve account in amounts which would reduce the moneys therein to less than the…
Citator
Cal. Health & Safety Code § 51639 — Administration is in force in the current edition of the Code, and nothing recorded condemns it.
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 The agency shall not cause sums to be withdrawn from the loan insurance reserve account in amounts which would reduce the moneys therein to less than the insurance reserve requirement, except as necessary to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.