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Section 12125 Of Chapter 3. Group And Individual Plans For Legal Insurance From California Insurance Code >> Division 2. >> Part 4. >> Chapter 3.
12125
. (a) Subject to the provisions of this chapter, any insurer
admitted to transact any class of insurance in this state, other than
title insurance, mortgage insurance, or mortgage guaranty insurance,
may transact legal insurance if it has a minimum paid-in capital and
surplus of not less than one million dollars ($1,000,000), provided
that the paid-in capital shall not be less than five hundred thousand
dollars ($500,000), notwithstanding the paid-in capital and surplus
requirements of Sections 700.01, 700.02, 10510, and 10511,
respectively.
(b) Any insurer not admitted to transact any other class of insurance in this state may be admitted to transact legal insurance if it has the paid-in capital and surplus required by subdivision (a).
(c) As used in this section, "surplus" means the excess of admitted assets over the sum of (1) liabilities for losses reported, expenses, taxes, and all other indebtedness and reinsurance of outstanding risks as provided by law, and either (2) paid-in capital, in the case of an insurer issuing or having outstanding shares of capital stock, or (3) minimum paid-in capital required by this section, in the case of any other insurer.
(b) Any insurer not admitted to transact any other class of insurance in this state may be admitted to transact legal insurance if it has the paid-in capital and surplus required by subdivision (a).
(c) As used in this section, "surplus" means the excess of admitted assets over the sum of (1) liabilities for losses reported, expenses, taxes, and all other indebtedness and reinsurance of outstanding risks as provided by law, and either (2) paid-in capital, in the case of an insurer issuing or having outstanding shares of capital stock, or (3) minimum paid-in capital required by this section, in the case of any other insurer.
