California § 12091 - Whenever a surety insurer fails to maintain such a financial condition that asset
Full text of California Public Contract Code - PCC § 12091 — Whenever a surety insurer fails to maintain such a financial condition that asset, with citation guidance and answers to common questions.
§ 12091. Whenever a surety insurer fails to maintain such a financial condition that asset
Whenever a surety insurer fails to maintain such a financial condition that assets allowed under subdivision (a) are equal in value to the aggregate of the charges prescribed under subdivision (b), the commissioner shall act as prescribed in Section 12092. (a) In estimating its condition the commissioner shall allow as assets only such as are allowed under law in force at the time of the estimate. (b) The charges to be aggregated shall be: (1) Eighty percent of the paid-in capital, but in no case less than two hundred fifty thousand dollars ($250,000). (2) All outstanding indebtedness. (3) Provision for reinsuring all outstanding risks, estimated as prescribed in Section 985.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 12091
What does Public Contract Code - PCC § 12091 cover?
Section 12091 ("Whenever a surety insurer fails to maintain such a financial condition that asset") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 12091?
A common citation format is "Public Contract Code - PCC § 12091" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 12091 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.