Statute · California Insurance Code
Cal. Ins. Code § 10930.4 — Consumer Operated and Oriented Plans
Cal. Ins. Code § 10930.4
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 2013-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(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…
Citator
Cal. Ins. Code § 10930.4 — Consumer Operated and Oriented Plans is in force in the current edition of the Code, and nothing recorded condemns it.
(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.