Cal. Ins. Code § 10723

Current through the 2023 Legislative Session.

Section 10723 - Assumption and apportionment of unsatisfied net liability or outstanding assessment owned by insolvent member

Any unsatisfied net liability or outstanding assessment owed by an insolvent member participating in the fund shall be assumed by and apportioned among the remaining members in the fund in the same manner in which assessments are levied by the fund. The fund shall have all rights allowed by law on behalf of the remaining members against the insolvent member for sums due the fund.

Ca. Ins. Code § 10723

Added by Stats. 1992, Ch. 1128, Sec. 10. Effective January 1, 1993. Operative July 1, 1993, by Sec. 15 of Ch. 1128.