Nuveen Insured California Premium Income Municipal Fund 2, Inc. (the Fund) is a closed-end management investment company. The fund's primary investment objective is current income exempt from both regular federal income tax and California personal income taxes. Its secondary investment objective is the enhancement of portfolio value. The fund invests substantially all of its assets in a diversified portfolio of tax-exempt California Municipal Obligations which are either insured as to the timely payment of principal and interest or backed by an escrow or trust account containing sufficient United States Government and United States Government agency securities to ensure the timely payment of principal and interest. The Fund is authorized to invest in inverse floating rate securities. Nuveen Asset Management is the Fund�s investment advisor, a wholly owned subsidiary of Nuveen Investments, Inc.