Insurance Code section 7014

The board of directors may at its annual meeting levy an assessment not to exceed twenty-five cents on the $100 of the first class of insurance and a pro rata amount on lower classes. The sum so raised shall constitute a reserve fund to be used in emergency cases only. Another assessment for this fund shall not be made while this reserve fund remains intact.

Source: Section 7014, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=INS§ionNum=7014.­ (updated Jan. 1, 1935; accessed Jul. 28, 2025).

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Verified:
Jul. 28, 2025

§ 7014's source at ca​.gov