Insurance Code - INS
DIVISION 2. CLASSES OF INSURANCE [1880 - 12880.6]
( Division 2 enacted by Stats. 1935, Ch. 145. ) PART 6. INSURANCE COVERING LAND [12340 - 12661]
( Part 6 enacted by Stats. 1935, Ch. 145. ) CHAPTER 1. Title Insurance [12340 - 12418.4]
( Chapter 1 enacted by Stats. 1935, Ch. 145. ) ARTICLE 3. Title Insurers: Finances and Investments [12370 - 12377]
( Article 3 enacted by Stats. 1935 ) 12373.
A title insurer shall not make any dividends except from profits remaining on hand after retaining unimpaired assets aggregating in value an amount equal to the sum of the following:
(a) The aggregate par value of the shares of its capital stock issued and outstanding, including treasury shares;
(b) The amount required to be set apart as the title insurance surplus fund;
(c) The amount required to be maintained in the unearned premium reserve;
(d) The amount required to be maintained in the reserve for unpaid losses and loss adjustment expense;
(e) A sum sufficient to pay all liabilities for expenses and taxes and all other indebtedness.
(Amended by Stats. 1965, Ch. 272.)