A mortgage guaranty insurer shall not declare any dividends except from undivided profits remaining on hand over and above the aggregate of its paid-in capital, paid-in surplus and contingency reserve.
Cal. Ins. Code § 12640.06
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.