Statute · California Insurance Code
Cal. Ins. Code § 11120 — Financial Matters
Cal. Ins. Code § 11120
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
When a society, or a class or section thereof, has assets equal to the reserves and credits on its policies, it may collect periodical or other contributions from the members of the society, class or section which, with interest accretions, will be sufficient to accomplish all the following:
Citator
Cal. Ins. Code § 11120 — Financial Matters is in force in the current edition of the Code, and nothing recorded condemns it.
When a society, or a class or section thereof, has assets equal to the reserves and credits on its policies, it may collect periodical or other contributions from the members of the society, class or section which, with interest accretions, will be sufficient to accomplish all the following:
(a) Pay the claims arising from its policies.
(b) Pay for the expense of management of the society.
(c) Maintain a fund sufficient to meet its accrued liabilities.
(d) Maintain assets equal to the reserves and credits.
Societies not operating pursuant to this section shall comply with Section 11121.