California § 940 - The commissioner shall accept and hold securities in trust for the policyholders

Full text of California Public Contract Code - PCC § 940 — The commissioner shall accept and hold securities in trust for the policyholders, with citation guidance and answers to common questions.

§ 940. The commissioner shall accept and hold securities in trust for the policyholders

The commissioner shall accept and hold securities in trust for the policyholders or policyholders and creditors of an insurer and for their benefit, whenever (a) the law of another state or of a foreign country requires such a deposit with an officer of this state as a prerequisite to transacting insurance business in that state or country, or (b) the law of this state requires such a deposit with an officer of this state.

Source: official California text · Last verified 2026-08-27

Related California Legal Topics

Frequently Asked Questions About California § 940

What does Public Contract Code - PCC § 940 cover?

Section 940 ("The commissioner shall accept and hold securities in trust for the policyholders") 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 § 940?

A common citation format is "Public Contract Code - PCC § 940" (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 § 940 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.