reglab/housing_qa huggingface dataset:
CA Ins Code § 1230 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1230.

1230.  The Legislature declares that the purpose of this article is to establish guidelines for life insurers to use in life insurance policies which contain a provision for periodic adjustment of policy loan interest rates and are issued after the effective date of this article.It is the intent of the Legislature that the life insurance industry make available to the people of the State of California who purchase new life insurance policies after the effective date of this act the benefits of higher dividends or lower premiums, or both, resulting from the increased earnings through the use of higher policy loan interest rates.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1231 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1231.

1231.  For the purposes of this article the “published monthly average” means:(a) Moody’s Corporate Bond Yield Average-Monthly Average Corporates as published by Moody’s Investors Service, Inc. or any successor thereto.(b) In the event that Moody’s Corporate Bond Yield Average-Monthly Average Corporates is no longer published, a substantially similar average, established by the Legislature.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1232 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1232.

1232.  (a) Policies issued on or after the effective date of this article shall provide for policy loan interest rates at either of the following rates:(1) A provision permitting a maximum interest rate of not more than 8 percent per annum.(2) A provision permitting an adjustable maximum interest rate established from time to time by the life insurer as permitted by law.(b) The rate of interest charged on a policy loan made under paragraph (2) of subdivision (a) shall not exceed the higher of the following:(1) The published monthly average for the calendar month ending two months before the date on which the rate is determined.(2) The rate used to compute the cash surrender values under the policy during the applicable period plus 1 percent per annum.(c) Any insurer offering insurance policies with an adjustable policy loan interest rate shall establish a written pricing or dividend policy in order that the holders of the policies shall receive a benefit from any earnings of the insurer resulting from the use of the adjustable rate, either by means of higher dividends or lower premiums or a combination of both.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1233 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1233.

1233.  If the maximum rate of interest is determined pursuant to paragraph (2) of subdivision (a) of Section 1232, the policy shall contain a provision setting forth the frequency at which the rate is to be determined for that policy.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1234 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1234.

1234.  The maximum rate for each policy shall be determined at regular intervals at least once every 12 months, but not more frequently than once in any three-month period.At the intervals specified in the policy:(1) The rate being charged may be increased whenever the increase as determined under subdivision (b) of Section 1232 would increase that rate by one-half of 1 percent or more per annum.(2) The rate being charged shall be reduced whenever the reduction as determined under subdivision (b) of Section 1232 would decrease that rate by one-half of 1 percent or more per annum.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1235 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1235.

1235.  The life insurer shall do all of the following:(1) Notify the policyholder at the time a cash loan is made of the initial rate of interest on the loan.(2) Notify the policyholder with respect to premium loans of the initial rate of interest on the loan as soon as it is reasonably practical to do so after making the initial loan. Notice need not be given to the policyholder when a further premium loan is added, except as provided in paragraph (3).(3) Send to policyholders with loans reasonable advance notice of any increase in the rate.(4) Include in the required notices the substance of the pertinent provisions of subdivision (a) of Section 1232 and Section 1233.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1236 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1236.

1236.  The loan value of the policy shall be equivalent to the cash surrender value of the policy, the minimum requirements of which are specified in Sections 10160 through 10165 for life insurance and in Section 11043, for fraternal benefit society policies or certificates, but no policy shall terminate in a policy year as the sole result of change in the interest rate during that policy year. The life insurer shall maintain coverage during that policy year until the time at which it would otherwise have terminated if there had been no change during that policy year.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1237 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1237.

1237.  The substance of the pertinent provisions of Section 1232 and 1233 shall be set forth in the policies to which the provisions apply.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1238 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1238.

1238.  For the purposes of this section:(1) The rate of interest on policy loans permitted under this section includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy.(2) “Policy loan” includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due.(3) “Policyholder” includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer.(4) “Policy” includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1239 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1239.

1239.  No other provision of law shall apply to policy loan interest rates unless made specifically applicable to these rates.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1239.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 5.5 - Life Insurance Policy Loans|Section 1239.5.

1239.5.  The provisions of this article shall not apply to any insurance contract issued before the effective date of this article unless the policyholder agrees in writing to the applicability of these provisions.(Added by Stats. 1982, Ch. 1351, Sec. 3.)
CA Ins Code § 1240 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 6 - Foreign Investments|Section 1240.

1240.  The following definitions shall apply in this article:(a) “Foreign currency” means a currency other than that of the United States.(b) “Foreign investment” means an investment in a foreign jurisdiction, or an investment in a person, real estate, or asset domiciled in a foreign jurisdiction, that is substantially of the same kind, class, and investment grade as those eligible for investment under this code, other than under Section 1210 or 1241. An investment shall not be a foreign investment if the issuing person, qualified primary credit source, or qualified guarantor is a domestic jurisdiction or a person domiciled in a domestic jurisdiction, unless both of the following apply:(1) The issuing person is a shell business entity.(2) The investment is not assumed, accepted, guaranteed, or insured or otherwise backed by a domestic jurisdiction or a person, that is not a shell business entity, domiciled in a domestic jurisdiction. (c) For purposes of subdivision (b), the following definitions apply:(1) “Shell business entity” means a business entity having no economic substance, except as a vehicle for owning interests in assets issued, owned, or previously owned by a person domiciled in a foreign jurisdiction.(2) “Qualified guarantor” means a guarantor against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction.(3) “Qualified primary credit source” means the credit source to which an insurer looks for payment as to an investment and against which an insurer has a direct claim for full and timely payment, evidenced by a contractual right for which an enforcement action can be brought in a domestic jurisdiction.(d) “Foreign jurisdiction” means a jurisdiction other than the United States or any of its political subdivisions.(Repealed and added by Stats. 2008, Ch. 129, Sec. 3. Effective January 1, 2009.)
CA Ins Code § 1241.1 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 6 - Foreign Investments|Section 1241.1.

1241.1.  (a) No domestic insurer shall acquire any investment respecting a foreign jurisdiction, or any investment denominated in the currency of that foreign jurisdiction, if that jurisdiction is designated as a state sponsor of terrorism by the United States Secretary of State pursuant to Section 6(j) of the Export Administration Act, Section 40 of the Arms Export Control Act, and Section 620A of the Foreign Assistance Act.(b) If any investment made pursuant to Section 1241 later becomes prohibited by this section, that investment shall not be retained as an investment made pursuant to this code.(Repealed and added by Stats. 2008, Ch. 129, Sec. 7. Effective January 1, 2009.)
CA Ins Code § 1242 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 6 - Foreign Investments|Section 1242.

1242.  (a) (1) Except as otherwise specified in Section 1241, a domestic insurer shall not acquire directly or indirectly through an investment subsidiary, an investment under Section 1241 if, as a result of and after giving effect to the investment, the insurer would hold more than 3 percent of its admitted assets in investments of all kinds issued, assumed, accepted, insured, or guaranteed by a single person, or 5 percent of its admitted assets in investments in the voting securities of a depository institution or any company that controls the institution.(2) The 3 percent limitation in paragraph (1) shall not apply to the aggregate amounts insured by a single financial guaranty insurer with the highest generic rating issued by a nationally recognized statistical rating organization.(b) A domestic insurer shall not acquire, directly or indirectly through an investment subsidiary, an investment under Section 1241 if, as a result of and after giving effect to the investment, the insurer’s aggregate medium and lower grade investments do not comply with the limitations of Section 1196.1.(Added by Stats. 2008, Ch. 129, Sec. 8. Effective January 1, 2009.)
CA Ins Code § 1250 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 7 - Valuation of Investments|Section 1250.

1250.  When any domestic incorporated insurer has, pursuant to the laws of this State, invested any of its funds in purchases of, or loans upon, the stock or obligations of a corporation or of a nation, state, or political or municipal division of a state, if the commissioner has reason to believe that such stock or obligations are not amply secured or are not yielding an income, he may direct the insurer to report to him under oath the amount of the stock or obligation, the security therefor and its market value.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1251 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 7 - Valuation of Investments|Section 1251.

1251.  A stock, bond or other evidence of debt if in default as to principal or interest, or if not amply secured, shall not be valued as an asset of the insurer above its market value.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1252 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 7 - Valuation of Investments|Section 1252.

1252.  All bonds or other evidences of debt held by an admitted incorporated insurer if amply secured and if not in default as to principal or interest may, in the discretion of the commissioner, be valued as follows:(a) If purchased at par, at the par value.(b) If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield the effective rate of interest on the price at which the purchase was made.(c) In such valuation, the purchase price shall in no case be taken at a higher figure than the actual market value at the time of purchase.The commissioner shall have full discretion in determining the method of calculating values according to the foregoing rule, the values found by him in accordance with such method being final and binding.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1253 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 7 - Valuation of Investments|Section 1253.

1253.  Any such insurer may report such bonds or other evidence of debt at market value or book value, but in no event at an aggregate value exceeding the aggregate of the values calculated according to the rule prescribed by section 1252.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1254 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 7 - Valuation of Investments|Section 1254.

1254.  Any asset of an insurer which is found by the commissioner to be insolvent or threatened with insolvency shall be reduced in value, if necessary, to reflect its proper value.Where the asset is subject to an offset or lien which the commissioner has reasonable grounds to believe is about to be exercised or enforced, the commissioner may require that the asset and the liability which gives rise to the offset or lien be reduced proportionately.The commissioner shall grant a hearing to establish the value of an asset upon written demand of the insurer.(Added by Stats. 1967, Ch. 1614.)
CA Ins Code § 1260 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 2 - Incorporated Insurers|ARTICLE 8 - Reinsurance Transactions|Section 1260.

1260.  Incorporated insurers or reciprocal insurers who are members of what is commonly known as a “group” or “fleet” may enter into reinsurance transactions between members of the same “group” or “fleet” unless otherwise specifically prohibited by law.(Added by Stats. 1967, Ch. 451.)
CA Ins Code § 1280 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 1 - General Provisions|Section 1280.

1280.  This chapter shall not in any way affect the rights, duties, or obligations of members of or subscribers at any reciprocal or interinsurance exchange which has been adjudged insolvent and ordered to be liquidated prior to the date this code takes effect. All such rights, duties, or obligations shall be governed by the law applicable thereto prior to such date.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1280.5 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 1 - General Provisions|Section 1280.5.

1280.5.  This chapter and the other provisions of this code shall not apply to nor affect unincorporated interindemnity or reciprocal or interinsurance contracts between members of, or persons marketing their products through, nonprofit cooperative marketing associations organized and operating under Chapter 4 (commencing with Section 11701) of Division 6 of the Food and Agricultural Code which indemnify solely in respect to losses to those members or persons from damage to, or destruction of, crops in process of handling or marketing, or facilities at a fixed location for processing, handling or marketing the crops, and which do not collect in advance of loss moneys other than for necessary expense of administration.(Amended by Stats. 1982, Ch. 454, Sec. 101.)
CA Ins Code § 1281 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 1 - General Provisions|Section 1281.

1281.  Reciprocal or interinsurance contracts, the exchange thereof, the subscribers, attorneys in fact, agents, and representatives, and all matters incident to or concerned with such contracts and relationship, shall be subject to and regulated by all of the provisions of this code, whether or not such provisions specifically refer to reciprocals or interinsurance exchanges, except as otherwise exempted in this chapter.When any provision of this code, other than in this chapter, is made applicable to reciprocal insurers, such provision shall be construed in accordance with the fundamental nature of a reciprocal insurer. In the event of any direct conflicts between such other law and the provisions of this chapter, the latter shall prevail. Such other law may, however, be used to supplement or explain the provisions of this chapter.(Amended by Stats. 1971, Ch. 341.)
CA Ins Code § 1283 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 1 - General Provisions|Section 1283.

1283.  The provisions of Part 7, Division 2 of the Revenue and Taxation Code shall be applicable to reciprocal or interinsurance exchanges.(Added by Stats. 1941, Ch. 112.)
CA Ins Code § 1300 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1300.

1300.  Any persons may exchange reciprocal or interinsurance contracts with one another providing insurance, other than life, title, mortgage, mortgage guaranty, or insolvency insurance, among themselves against any loss which may be insured against under other provisions of law.(Amended by Stats. 1971, Ch. 341.)
CA Ins Code § 1301 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1301.

1301.  Such persons are termed subscribers.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1302 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1302.

1302.  Any domestic corporation, in addition to the rights, powers and franchises specified in its articles of incorporation, has full power and authority to enter into insurance contracts of the kind and character mentioned in this chapter. The right to enter into such contracts is incidental to the purposes for which such corporations are organized and as fully granted as the rights and powers expressly conferred.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1303 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1303.

1303.  The organization under which such subscribers so exchange contracts is termed a reciprocal or interinsurance exchange, and shall be deemed the insurer while each subscriber shall be deemed an insured.(Amended by Stats. 1963, Ch. 1649.)
CA Ins Code § 1305 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1305.

1305.  Such contracts may be executed by an attorney-in-fact, agent or other representative duly authorized and acting for such subscribers under powers of attorney. Such authorized person is termed the attorney, and may be a corporation.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1306 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1306.

1306.  The principal office of the attorney shall be maintained at a place designated by the subscribers in the power of attorney.(Enacted by Stats. 1935, Ch. 145.)
CA Ins Code § 1307 (2021)
2021 California Code|Insurance Code - INS|DIVISION 1 - GENERAL RULES GOVERNING INSURANCE|PART 2 - THE BUSINESS OF INSURANCE|CHAPTER 3 - Reciprocal Insurers|ARTICLE 2 - Organization of Exchange|Section 1307.

1307.  The power of attorney and contracts made thereunder may:(a) Provide for the right of substitution of attorney and revocation of the contract or power.(b) Impose such restrictions upon the exercise of the power as are agreed upon by the subscribers.(c) Provide for and limit the maximum amount to be paid by subscribers, except that contracts of exchanges writing either liability or workers’ compensation insurance shall be subject to the provisions of Article 6 of this chapter.(d) Provide for the exercise of any right reserved to the subscribers directly or through a board or other body.(Amended by Stats. 2018, Ch. 231, Sec. 6. (AB 2045) Effective January 1, 2019.)