Statute · California Insurance Code
Cal. Ins. Code § 12162.5 — Certificate of Authority
Cal. Ins. Code § 12162.5
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 1993-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
All motor clubs applying for a certificate of authority to act as a motor club in this state shall demonstrate to the satisfaction of the commissioner that such club has a net worth of not less than two hundred fifty thousand dollars ($250,000). For the purposes of Sections 12162.5 and 12162.6,…
Citator
Cal. Ins. Code § 12162.5 — Certificate of Authority is in force in the current edition of the Code, and nothing recorded condemns it.
All motor clubs applying for a certificate of authority to act as a motor club in this state shall demonstrate to the satisfaction of the commissioner that such club has a net worth of not less than two hundred fifty thousand dollars ($250,000). For the purposes of Sections 12162.5 and 12162.6, net worth is defined as the excess of total assets over total liabilities. Such net worth shall be maintained at all times as a condition for the continuance of its certificate of authority to act as a motor club in this state.