Statute · California Insurance Code
Cal. Ins. Code § 1241.1 — Foreign Investments
Cal. Ins. Code § 1241.1
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 2009-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
(a) No domestic insurer shall acquire any investment respecting a foreign jurisdiction, or any investment denominated in the currency of that foreign jurisdiction, if that jurisdiction is designated as a state sponsor of terrorism by the United States Secretary of State pursuant to Section 6(j)…
Citator
Cal. Ins. Code § 1241.1 — Foreign Investments is in force in the current edition of the Code, and nothing recorded condemns it.
(a) No domestic insurer shall acquire any investment respecting a foreign jurisdiction, or any investment denominated in the currency of that foreign jurisdiction, if that jurisdiction is designated as a state sponsor of terrorism by the United States Secretary of State pursuant to Section 6(j) of the Export Administration Act, Section 40 of the Arms Export Control Act, and Section 620A of the Foreign Assistance Act.
(b) If any investment made pursuant to Section 1241 later becomes prohibited by this section, that investment shall not be retained as an investment made pursuant to this code.