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Insurance Code - INS

DIVISION 2. CLASSES OF INSURANCE [1880 - 12880.5]

  ( Division 2 enacted by Stats. 1935, Ch. 145. )

PART 1. FIRE AND MARINE INSURANCE [1880 - 10108.1]

  ( Part 1 enacted by Stats. 1935, Ch. 145. )

CHAPTER 5. County Mutual Fire Insurers [5050 - 7060]

  ( Chapter 5 enacted by Stats. 1935, Ch. 145. )

ARTICLE 6. Reinsurance [6070 - 6072]
  ( Article 6 enacted by Stats. 1935, Ch. 145. )

6070.
  

Any such insurer may accept reinsurance under any agreement for reinsurance between two or more county mutual fire insurers or from any authorized insurer the stock of which is wholly owned by county mutual insurers. In any such case the reinsurance accepted by any one insurer shall not exceed the amount of risk retained by the insurer originating the business.

(Amended by Stats. 1953, Ch. 468.)

6071.
  

Any such insurer may cede reinsurance provided the amount retained by the originating insurer shall be not less than 10 percent nor less than five hundred dollars ($500); provided, however, that the minimum required hereunder shall never exceed six thousand dollars ($6,000).

The applicable provisions of Sections 922.1 to 922.8 inclusive shall govern for the purposes of testing the solvency and preparing the annual statement of the ceding insurer.

(Amended by Stats. 1953, Ch. 468.)

6072.
  

The restrictions imposed by this chapter upon any insurer as to original insurance shall apply to reinsurance written by it.

(Enacted by Stats. 1935, Ch. 145.)

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