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Section 11120 Of Article 7. Financial Matters From California Insurance Code >> Division 2. >> Part 2. >> Chapter 10. >> Article 7.
11120
. When a society, or a class or section thereof, has assets
equal to the reserves and credits on its policies, it may collect
periodical or other contributions from the members of the society,
class or section which, with interest accretions, will be sufficient
to accomplish all the following:
(a) Pay the claims arising from its policies.
(b) Pay for the expense of management of the society.
(c) Maintain a fund sufficient to meet its accrued liabilities.
(d) Maintain assets equal to the reserves and credits. Societies not operating pursuant to this section shall comply with Section 11121.
(a) Pay the claims arising from its policies.
(b) Pay for the expense of management of the society.
(c) Maintain a fund sufficient to meet its accrued liabilities.
(d) Maintain assets equal to the reserves and credits. Societies not operating pursuant to this section shall comply with Section 11121.
