California § 1401 - If an exchange has a surplus of admitted assets over all liabilities in a sum equ
Full text of California Public Contract Code - PCC § 1401 — If an exchange has a surplus of admitted assets over all liabilities in a sum equ, with citation guidance and answers to common questions.
§ 1401. If an exchange has a surplus of admitted assets over all liabilities in a sum equ
If an exchange has a surplus of admitted assets over all liabilities in a sum equal to 1 1 2 times the minimum paid-in capital required of incorporated insurers issuing policies on a reserve basis and doing the same classes of insurance, then the Insurance Commissioner, upon written request, shall issue his certificate stating such fact. Subscribers at an exchange so certified shall have no liability for assessment on policies issued while such certificate remains in effect. Whenever the commissioner finds such fact does not exist, he shall revoke and require the surrender of his certificate. Upon revocation of such certificate no policy shall thereafter be issued nor be permitted to remain in force beyond the date fixed for the next payment of premium without written endorsement thereon providing for assessment liability in accordance with the terms of this chapter.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 1401
What does Public Contract Code - PCC § 1401 cover?
Section 1401 ("If an exchange has a surplus of admitted assets over all liabilities in a sum equ") 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 § 1401?
A common citation format is "Public Contract Code - PCC § 1401" (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 § 1401 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.