Section 1172 Of Article 3. General Investments From California Insurance Code >> Division 1. >> Part 2. >> Chapter 2. >> Article 3.
1172
. Such insurers may invest in obligations of the Dominion of
Canada, or the Commonwealth of Puerto Rico, or of any province of the
Dominion of Canada, or of any political subdivision of the
Commonwealth of Puerto Rico, or obligations for which are pledged the
faith and credit either of the dominion, or the commonwealth, or of
any province of the dominion, or of any political subdivision of the
commonwealth, for the payment of principal and interest, if within 10
years immediately preceding the investment such province or such
political subdivision was not in default for more than 90 days in the
payment of principal or interest upon any legally authorized
obligation issued by it.