California § 700.02 - No insurer shall be issued a certificate of authority other than a renewal certif
Full text of California Public Contract Code - PCC § 700.02 — No insurer shall be issued a certificate of authority other than a renewal certif, with citation guidance and answers to common questions.
§ 700.02. No insurer shall be issued a certificate of authority other than a renewal certif
No insurer shall be issued a certificate of authority other than a renewal certificate of authority for any of the classes set forth in Section 100 unless at the time of such issuance it possesses, in addition to the minimum paid-in capital required by this code a surplus of not less than 100 percent of the minimum paid-in capital required. As used in this section, surplus means the excess of admitted assets over the sum of (1) liabilities for losses reported, expenses, taxes and all other indebtedness and reinsurance of outstanding risks as provided by law, and (2) paid-in capital, in the case of an insurer issuing or having outstanding shares of capital stock, or (3) the minimum paid-in capital required, in the case of any other insurer.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 700.02
What does Public Contract Code - PCC § 700.02 cover?
Section 700.02 ("No insurer shall be issued a certificate of authority other than a renewal certif") 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 § 700.02?
A common citation format is "Public Contract Code - PCC § 700.02" (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 § 700.02 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.