California § 12632 - An insurer that fails to pay any deficiency assessment when it becomes due and pa
Full text of California Public Contract Code - PCC § 12632 — An insurer that fails to pay any deficiency assessment when it becomes due and pa, with citation guidance and answers to common questions.
§ 12632. An insurer that fails to pay any deficiency assessment when it becomes due and pa
(a) An insurer that fails to pay any deficiency assessment when it becomes due and payable shall, in addition to the deficiency assessment, pay a penalty of 10 percent of the amount of the deficiency assessment, exclusive of interest and penalties. The amount of any deficiency assessment, exclusive of penalties, shall bear interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from the date on which the amount, or any portion thereof, would have been payable if properly reported and assessed until the date of payment. (b) This section shall become operative on July 1, 2013.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 12632
What does Public Contract Code - PCC § 12632 cover?
Section 12632 ("An insurer that fails to pay any deficiency assessment when it becomes due and pa") 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 § 12632?
A common citation format is "Public Contract Code - PCC § 12632" (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 § 12632 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.