12102
Effective Jun 14, 2004Amended by Stats. 2004, Ch. 47, Sec. 1. Effective June 14, 2004.
- (a) An insurer with a certificate of authority to transact the business of financial guaranty insurance as defined in Section 12100 may also transact the business of surety insurance as defined in Section 105.
- (b) An insurer licensed in this state to transact financial guaranty insurance may not transact any other classes of insurance in this state except surety insurance.
- (c) An insurer that anywhere transacts or is licensed for any classes other than financial guaranty insurance, surety insurance, and credit insurance shall not be eligible for a certificate of authority for the class of financial guaranty insurance in this state.
- (d) A financial guaranty insurance corporation may only assume in this state those lines of insurance it is admitted to transact in this state.
- (e) In other states, an insurer may assume financial guaranty, surety, and credit lines of insurance if it is authorized to transact those lines of insurance in other states.
- (f) After licensure the holder shall continue to comply with the requirements of this section.