An insurer shall not transact the business of mortgage guaranty insurance unless it has paid-in capital of at least one million dollars ($1,000,000) and paid-in surplus of at least one million dollars ($1,000,000).
Cal. Ins. Code § 12640.03
Capital, Surplus and Contingency Reserve Requirements
Known as the Mortgage Guaranty Insurance Act
The act spans §§ 12640–12640 (23 sections).
Added by Stats. 1961, Ch. 719.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.