Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q


QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number         811-7492         

        Nuveen Insured California Premium Income Municipal Fund 2, Inc.         
(Exact name of registrant as specified in charter)


        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)


Jessica R. Droeger—Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)

Registrant's telephone number, including area code:         312-917-7700        

Date of fiscal year end:            8/31          

Date of reporting period:          11/30/05         

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

  Portfolio of Investments (Unaudited)
Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NCL)
November 30, 2005

Principal  Optional Call    Market 
Amount (000)  Description(1) Provisions*  Ratings**  Value 
  Education and Civic Organizations - 12.5% (8.4% of Total Investments)      
  California Educational Facilities Authority, Revenue Bonds, Santa Clara University, Series 1996:      
$ 2,400  5.750%, 9/01/21 - MBIA Insured 9/06 at 102.00  AAA  $ 2,495,256 
3,000  5.750%, 9/01/26 - MBIA Insured 9/06 at 102.00  AAA  3,113,550 
2,000  California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2000, 11/10 at 100.00  Aaa  2,196,300 
  5.875%, 11/01/20 - MBIA Insured      
2,125  California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 3/08 at 102.00  Aaa  2,211,551 
  2001A, 5.400%, 3/01/21 (Alternative Minimum Tax) - MBIA Insured      
5,380  California State University, Systemwide Revenue Bonds, Series 2004A, 5.000%, 11/01/16 - FSA 5/14 at 100.00  AAA  5,772,363 
  Insured      
1,500  California State University, Systemwide Revenue Bonds, Series 2005A, 5.000%, 11/01/25 - AMBAC 5/15 at 100.00  AAA  1,570,500 
  Insured      
6,000  University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/27 - 5/13 at 100.00  AAA  6,217,020 
  AMBAC Insured      
  Healthcare - 1.8% (1.1% of Total Investments)      
1,450  California Health Facilities Financing Authority, Insured Health Facility Revenue Refunding Bonds, 7/06 at 102.00  AAA  1,500,895 
  Mark Twain St. Joseph's Healthcare Corporation, Series 1996A, 6.000%, 7/01/19 - MBIA Insured      
1,755  University of California, Hospital Revenue Bonds, UCLA Medical Center, Series 2004A, 5.500%, 5/12 at 101.00  AAA  1,935,519 
  5/15/18 - AMBAC Insured      
  Housing/Single Family - 0.6% (0.4% of Total Investments)      
1,100  California Housing Finance Agency, Single Family Mortgage Bonds, Series 1997C-2-II, 5.625%, 8/07 at 101.50  AAA  1,133,044 
  8/01/20 (Alternative Minimum Tax)- MBIA Insured      
  Tax Obligation/General - 15.7% (10.6% of Total Investments)      
1,460  ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 8/10 at 101.00  AAA  1,611,066 
  2000B, 5.750%, 8/01/16 - FGIC Insured      
4,400  California, General Obligation Bonds, Series 2003, 5.000%, 2/01/31 - MBIA Insured 2/13 at 100.00  AAA  4,526,500 
3,000  California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.375%, 12/01/24 6/07 at 101.00  AAA  3,039,870 
  (Alternative Minimum Tax) - MBIA Insured      
  California, General Obligation Bonds, Series 2004:      
1,000  5.000%, 2/01/18 - AMBAC Insured 2/14 at 100.00  AAA  1,057,260 
2,250  5.000%, 4/01/31 - AMBAC Insured 4/14 at 100.00  AAA  2,323,395 
1,910  Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2002A, No Opt. Call  AAA  2,323,381 
  6.000%, 8/01/26 - MBIA Insured      
1,750  Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 8/09 at 100.00  AAA  1,855,140 
  1999A, 5.250%, 8/01/24 - FGIC Insured      
1,255  Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, 8/15 at 100.00  AAA  1,319,269 
  Series 2005A, 5.000%, 8/01/24 - FSA Insured      
2,200  Los Angeles Unified School District, California, General Obligation Bonds, Series 2003F, 5.000%, 7/13 at 100.00  AAA  2,342,648 
  7/01/17 - FSA Insured      
1,270  Merced City School District, Merced County, California, General Obligation Bonds, Series 2004,  8/13 at 100.00  AAA  1,339,456 
  5.000%, 8/01/22 - FGIC Insured       
  Oakland Unified School District, Alameda County, California, General Obligation Bonds, Series 2005:       
405  5.000%, 8/01/25 - MBIA Insured  8/15 at 100.00  AAA  423,136 
430  5.000%, 8/01/26 - MBIA Insured  8/15 at 100.00  AAA  448,911 
1,125  San Diego Unified School District, California, General Obligation Bonds, Election of 1998, Series  No Opt. Call  AAA  543,386 
  1999A, 0.000%, 7/01/21 - FGIC Insured       
2,000  San Francisco Community College District, California, General Obligation Bonds, Series 2002A,  6/10 at 102.00  Aaa  2,068,100 
  5.000%, 6/15/26 - FGIC Insured       
  San Jose-Evergreen Community College District, Santa Clara County, California, General Obligation       
  Bonds, Series 2005A:       
320  5.000%, 9/01/25 - MBIA Insured  9/15 at 100.00  AAA  335,459 
465  5.000%, 9/01/27 - MBIA Insured  9/15 at 100.00  AAA  485,962 
1,000  San Ramon Valley Unified School District, Contra Costa County, California, General Obligation  8/14 at 100.00  AAA  1,046,840 
  Bonds, Series 2004, 5.000%, 8/01/24 - FSA Insured       
2,445  Washington Unified School District, Yolo County, California, General Obligation Bonds, Series  8/13 at 100.00  AAA  2,581,676 
  2004A, 5.000%, 8/01/21 - FGIC Insured       
  Tax Obligation/Limited - 43.6% (29.4% of Total Investments)       
  Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement       
  Project, Series 1997C:       
5,130  0.000%, 9/01/18 - FSA Insured  No Opt. Call  AAA  2,890,293 
8,000  0.000%, 9/01/21 - FSA Insured  No Opt. Call  AAA  3,848,320 
  California Infrastructure Economic Development Bank, Revenue Bonds, North County Center for       
  Self-Sufficiency Corporation, Series 2004:       
1,535  5.000%, 12/01/20 - AMBAC Insured  12/13 at 100.00  AAA  1,609,755 
1,780  5.000%, 12/01/23 - AMBAC Insured  12/13 at 100.00  AAA  1,847,124 
3,500  California Department of Transportation, Federal Highway Grant Anticipation Bonds, Series 2004A,  No Opt. Call  AAA  3,797,605 
  5.000%, 2/01/15 - FGIC Insured       
5,000  Compton Community Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged Area  2/06 at 102.00  AAA  5,113,400 
  Redevelopment Projects, Series 1995A, 6.500%, 8/01/13 - FSA Insured       
4,000  Contra Costa County, California, Certificates of Participation Refunding, Merrithew Memorial  11/07 at 102.00  AAA  4,221,600 
  Hospital Replacement, Series 1997, 5.500%, 11/01/22 - MBIA Insured       
6,000  El Monte, California, Senior Lien Certificates of Participation, Department of Public Services  1/11 at 100.00  AAA  6,180,180 
  Facility Phase II, Series 2001, 5.000%, 1/01/21 - AMBAC Insured       
5,880  Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana  10/15 at 100.00  AAA  6,040,583 
  Redevelopment Project, Series 2005A, 5.000%, 10/01/32 - AMBAC Insured       
3,000  Galt Schools Joint Powers Authority, Sacramento County, California, Revenue Refunding Bonds, High  11/07 at 102.00  AAA  3,196,170 
  School and Elementary School Facilities, Series 1997A, 5.875%, 11/01/24 - MBIA Insured       
285  Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%,  9/15 at 100.00  AAA  300,156 
  9/01/20 - XLCA Insured       
5,000  Kern County Board of Education, California, Certificates of Participation Refunding, Series 1998A,  5/08 at 102.00  AAA  5,235,450 
  5.200%, 5/01/28 - MBIA Insured       
5,000  La Quinta Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project  9/07 at 102.00  AAA  5,218,850 
  Area 1, Series 1998, 5.200%, 9/01/28 - AMBAC Insured       
2,300  Long Beach Bond Finance Authority, Multiple Project Tax Allocation Bonds, Housing and Gas Utility  8/15 at 100.00  AAA  2,379,189 
  Financing Project Areas, Series 2005A-1, 5.000%, 8/01/25 - AMBAC Insured       
4,000  Los Angeles, California, Certificates of Participation, Municipal Improvement Corporation, Series  6/13 at 100.00  AAA  4,086,560 
  2003AW, 5.000%, 6/01/33 - AMBAC Insured       
1,000  Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project,  12/14 at 100.00  AAA  1,053,710 
  Series 2004A, 5.000%, 12/01/20 - FSA Insured       
3,865  Los Angeles County Metropolitan Transportation Authority, California, Proposition C Second Senior  7/10 at 101.00  AAA  4,083,063 
  Lien Sales Tax Revenue Bonds, Series 2000A, 5.250%, 7/01/30 - FGIC Insured       
1,250  Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier  7/13 at 100.00  AAA  1,326,437 
  Senior Sales Tax Revenue Bonds, Series 2003B, 5.000%, 7/01/19 - MBIA Insured       
2,500  Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier  7/15 at 100.00  AAA  2,617,200 
  Senior Sales Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/26 - AMBAC Insured       
2,780  Pittsburg Redevelopment Agency, California, Tax Allocation Refunding Bonds, Los Medanos Community  No Opt. Call  AAA  2,996,840 
  Development Project, Series 2003A, 5.000%, 8/01/12 - MBIA Insured       
4,140  Plumas County, California, Certificates of Participation, Capital Improvement Program, Series  6/13 at 101.00  AAA  4,265,732 
  2003A, 5.000%, 6/01/28 - AMBAC Insured       
2,000  Poway Redevelopment Agency, California, Tax Allocation Refunding Bonds, Paguay Redevelopment  12/10 at 102.00  AAA  2,208,420 
  Project, Series 2000, 5.750%, 6/15/33 - MBIA Insured       
325  Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A,  9/15 at 100.00  AAA  330,879 
  5.000%, 9/01/35 - XLCA Insured       
685  Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects,  10/15 at 100.00  AAA  698,556 
  Series 2005A, 5.000%, 10/01/35 - XLCA Insured       
1,000  Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities  9/13 at 100.00  AAA  1,044,870 
  District 1, Series 2004, 5.000%, 9/01/25 - MBIA Insured       
520  Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and  12/09 at 102.00  AAA  574,699 
  Redevelopment Projects, Series 1999, 5.800%, 12/01/19 - AMBAC Insured       
5,000  San Bernardino Joint Powers Financing Authority, California, Certificates of Participation  9/09 at 102.00  AAA  5,405,900 
  Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 - MBIA Insured       
  Transportation - 6.8% (4.6% of Total Investments)       
6,500  Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds,  1/10 at 65.32  AAA  3,528,980 
  Series 1999, 0.000%, 1/15/18 - MBIA Insured       
4,000  Orange County Transportation Authority, California, Toll Road Revenue Bonds, 91 Express Lanes  8/13 at 100.00  AAA  4,256,840 
  Project, Series 2003A, 5.000%, 8/15/18 - AMBAC Insured       
5,000  San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International  5/11 at 100.00  AAA  5,124,000 
  Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/31 (Alternative Minimum Tax) - MBIA Insured       
  U.S. Guaranteed*** - 33.2% (22.4% of Total Investments)       
  California Infrastructure Economic Development Bank, Revenue Bonds, Asian Art Museum of San       
  Francisco, Series 2000:       
1,295  5.500%, 6/01/19 (Pre-refunded to 6/01/10) - MBIA Insured  6/10 at 101.00  AAA  1,422,311 
1,000  5.500%, 6/01/20 (Pre-refunded to 6/01/10) - MBIA Insured  6/10 at 101.00  AAA  1,098,310 
2,500  California, Various Purpose General Obligation Bonds, Series 1999, 5.500%, 9/01/24 (Pre-refunded  9/09 at 101.00  AAA  2,713,875 
  to 9/01/09) - FSA Insured       
  California, Various Purpose General Obligation Bonds, Series 2000:       
7,995  5.750%, 3/01/22 (Pre-refunded to 3/01/10) - MBIA Insured  3/10 at 101.00  AAA  8,821,283 
1,900  5.750%, 3/01/27 (Pre-refunded to 3/01/10) - MBIA Insured  3/10 at 101.00  AAA  2,096,365 
3,450  California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series  11/09 at 101.00  AAA  3,777,267 
  1999A, 5.750%, 11/01/24 (Pre-refunded to 11/01/09) - MBIA Insured       
2,725  Central Unified School District, Fresno County, California, General Obligation Bonds, Series 1993,  3/06 at 100.00  AAA  2,758,000 
  5.625%, 3/01/18 - AMBAC Insured       
3,000  Escondido Union High School District, San Diego County, California, General Obligation Bonds,  11/06 at 102.00  AAA  3,126,900 
  Series 1996, 5.700%, 11/01/10 - MBIA Insured       
  Fresno Unified School District, Fresno County, California, General Obligation Bonds, Series 2001F:      
1,065  5.125%, 8/01/21 - FSA Insured 8/09 at 102.00  AAA  1,114,128 
1,160  5.125%, 8/01/22 - FSA Insured 8/09 at 102.00  AAA  1,213,511 
1,220  5.125%, 8/01/23 - FSA Insured 8/09 at 102.00  AAA  1,276,279 
1,500  Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation 8/10 at 101.00  AAA  1,635,360 
  Bonds, Series 2000A, 5.250%, 8/01/25 (Pre-refunded to 8/01/10) - MBIA Insured      
  Kern Community College District, California, General Obligation Bonds, Series 2003A:      
3,655  5.000%, 11/01/20 (Pre-refunded to 11/01/13) - FGIC Insured 11/13 at 100.00  AAA  3,984,242 
2,665  5.000%, 11/01/21 (Pre-refunded to 11/01/13) - FGIC Insured 11/13 at 100.00  AAA  2,905,063 
  Manteca Unified School District, San Joaquin County, California, General Obligation Bonds, Series      
  2004:      
1,000  5.250%, 8/01/21 (Pre-refunded to 8/01/14) - FSA Insured 8/14 at 100.00  AAA  1,108,690 
1,000  5.250%, 8/01/22 (Pre-refunded to 8/01/14) - FSA Insured 8/14 at 100.00  AAA  1,108,690 
440  Menifee Union School District, Riverside County, California, Certificates of Participation, School 9/06 at 102.00  AAA  458,190 
  Projects, Series 1996, 6.125%, 9/01/24 (Pre-refunded to 9/01/06) - FSA Insured      
2,690  Norwalk Community Facilities Financing Authority, Los Angeles County, California, Tax Allocation 1/06 at 102.00  AAA  2,749,691 
  Revenue Refunding Bonds, Series 1995A, 6.000%, 9/01/15 (Pre-refunded to 1/03/06) - FSA Insured      
2,500  Oakland, California, Insured Revenue Bonds, 1800 Harrison Foundation - Kaiser Permanente, Series 1/10 at 100.00  AAA  2,751,450 
  1999A, 6.000%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured      
4,320  Riverside County, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage No Opt. Call  AAA  5,834,722 
  Revenue Bonds, Series 1987B, 8.625%, 5/01/16 (Alternative Minimum Tax)      
1,270  Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and 12/09 at 102.00  AAA  1,409,560 
  Redevelopment Projects, Series 1999, 5.800%, 12/01/19 (Pre-refunded to 12/01/09) - AMBAC Insured      
1,000  Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2000A, 12/10 at 101.00  AAA  1,105,380 
  5.500%, 12/01/20 (Pre-refunded to 12/01/10) - AMBAC Insured      
3,500  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 1999, 7/09 at 101.00  AAA  3,790,045 
  5.500%, 7/01/34 (Pre-refunded to 7/01/09) - FGIC Insured      
4,450  Visalia, California, Certificates of Participation Refunding, Motor Vehicle License Fee 12/06 at 102.00  AAA  4,635,699 
  Enhancement, Series 1996A, 5.375%, 12/01/26 (Pre-refunded to 12/01/06) - MBIA Insured      
  Utilities - 11.5% (7.8% of Total Investments)      
3,740  California Pollution Control Financing Authority, Revenue Refunding Bonds, Southern California 9/09 at 101.00  AAA  3,976,705 
  Edison Company, Series 1999B, 5.450%, 9/01/29 - MBIA Insured      
670  Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/15 at 100.00  AAA  693,350 
  9/01/31 - XLCA Insured      
3,215  Modesto Irrigation District, California, Revenue Refunding Bonds, Series 1996A, 6.000%, 10/01/15 - 10/06 at 102.00  AAA  3,351,830 
  MBIA Insured      
3,500  Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 - FSA 7/12 at 101.00  AAA  3,684,870 
  Insured      
1,950  Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.250%, 8/01/27 8/12 at 100.00  AAA  2,022,520 
  (Alternative Minimum Tax) - AMBAC Insured      
  Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A:      
2,800  5.000%, 7/01/24 - MBIA Insured 7/13 at 100.00  AAA  2,931,712 
5,000  5.000%, 7/01/28 - MBIA Insured 7/13 at 100.00  AAA  5,180,100 
  Water and Sewer - 22.8% (15.3% of Total Investments)      
1,700  Castaic Lake Water Agency, California, Revenue Certificates of Participation, Series 2004A, 8/14 at 100.00  AAA  1,788,400 
  5.000%, 8/01/20 - AMBAC Insured      
2,975  Chino Basin Regional Finance Authority, California, Sewerage System Revenue Bonds, Inland Empire 2/06 at 101.00  AAA  3,011,533 
  Utilities Agency, Series 1994, 6.000%, 8/01/16 - AMBAC Insured      
2,000  El Dorado Irrigation District, California, Water and Sewer Certificates of Participation, Series 3/14 at 100.00  AAA  2,092,740 
  2004A, 5.000%, 3/01/21 - FGIC Insured      
2,700  Los Angeles County Sanitation Districts Financing Authority, California, Senior Revenue Bonds,  10/13 at 100.00  AAA  2,852,037
  Capital Projects, Series 2003A, 5.000%, 10/01/21 - FSA Insured     
12,000  Orange County Sanitation District, California, Certificates of Participation, Series 2003, 5.000%,  8/13 at 100.00  AAA  12,248,160
  2/01/33 - FGIC Insured     
2,775  Pomona Public Financing Authority, California, Revenue Bonds, Water Facilities Project, Series  5/09 at 101.00  AAA  2,953,849
  1999AC, 5.500%, 5/01/29 - FGIC Insured     
750  Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series 2004A,  12/14 at 100.00  AAA  793,725
  5.000%, 12/01/21 - AMBAC Insured     
1,520  San Buenaventura, California, Water Revenue Certificates of Participation, Series 2004, 5.000%,  10/14 at 100.00  AAA  1,573,139
  10/01/25 - AMBAC Insured     
3,675  San Dieguito Water District, California, Water Revenue Bonds, Series 2004, 5.000%, 10/01/23 - FGIC  10/14 at 100.00  AAA  3,860,882
  Insured     
  Santa Clara Valley Water District, California, Certificates of Participation, Series 2004A:     
1,400  5.000%, 2/01/19 - FGIC Insured  2/14 at 100.00  AAA  1,473,234
445  5.000%, 2/01/20 - FGIC Insured  2/14 at 100.00  AAA  467,023
465  5.000%, 2/01/21 - FGIC Insured  2/14 at 100.00  AAA  486,381
2,130  Santa Rosa, Sonoma County, California, Wastewater Revenue Bonds, Series 2004B, 5.000%, 9/01/18 -  9/14 at 100.00  AAA  2,270,474
  FGIC Insured     
2,500  West Basin Municipal Water District, California, Revenue Certificates of Participation, Series  8/13 at 100.00  AAA  2,561,425
  2003A, 5.000%, 8/01/30 - MBIA Insured     
  Yorba Linda Water District, California, Certificates of Participation, Highland Reservoir     
  Renovation, Series 2003:     
2,010  5.000%, 10/01/28 - FGIC Insured  10/13 at 100.00  AAA  2,084,370
2,530  5.000%, 10/01/33 - FGIC Insured  10/13 at 100.00  AAA  2,610,075
$ 276,120  Total Long-Term Investments (cost $268,015,064) - 148.5%      281,162,359
  Other Assets Less Liabilities - 1.7%      3,136,849
  Preferred Shares, at Liquidation Value - (50.2)%      (95,000,000)
  Net Assets Applicable to Common Shares - 100%      $ 189,299,208

  All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities, any of which ensure the timely payment of principal and interest.

(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
 
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
 
***      Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest.
 

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount and timing differences in recognizing certain gains and losses on investment transactions.

At November 30, 2005, the cost of investments was $267,867,960.

Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2005, were as follows:

Gross unrealized:     
   Appreciation  $ 13,911,773  
   Depreciation  (617,374 ) 
Net unrealized appreciation (depreciation) of investments  $ 13,294,399  

Item 2. Controls and Procedures.

  1. The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
  2. There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)         Nuveen Insured California Premium Income Municipal Fund 2, Inc.        

By (Signature and Title)*          /s/ Jessica R. Droeger                     
                                                    Jessica R. Droeger
                                                    Vice President and Secretary

Date         1/27/06        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*         /s/ Gifford R. Zimmerman                    
                                                   Gifford R. Zimmerman
                                                   Chief Administrative Officer (principal executive officer) 

Date         1/27/06        

By (Signature and Title)*         /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                   Vice President and Controller (principal financial officer) 

Date         1/27/06        

* Print the name and title of each signing officer under his or her signature.