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Section 928 Of Article 10.3. Single Risk Limitation From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 10.3.
928
. (a) An admitted insurer shall not undertake any single risk or
accept reinsurance on any single risk when its liability thereon in
excess of the amount reinsured by reinsurance authorized for annual
statement credit under this code exceeds 10 percent of its capital
and surplus as shown by its last statement on file in the office of
the commissioner.
(b) This section shall apply to any class or classes of insurance specified in Chapter 1 (commencing with Section 100) of Part 1 of Division 1, except:
(1) Life, as defined in Section 101.
(2) Title, as defined in Section 104.
(3) Surety, as defined in Section 105.
(4) Mortgage Guaranty, as defined in Section 119.
(5) Financial Guaranty, as defined in Section 124.
(b) This section shall apply to any class or classes of insurance specified in Chapter 1 (commencing with Section 100) of Part 1 of Division 1, except:
(1) Life, as defined in Section 101.
(2) Title, as defined in Section 104.
(3) Surety, as defined in Section 105.
(4) Mortgage Guaranty, as defined in Section 119.
(5) Financial Guaranty, as defined in Section 124.
