California Insurance Code 718 – If upon due investigation the commissioner shall find that any …
If upon due investigation the commissioner shall find that any applicant for a certificate of authority, or amended certificate of authority, will not conduct its business in conformity with all applicable provisions of the laws of this state, he shall not grant any certificate of authority, or amended certificate of authority, to such applicant.
Where the applicant is a wholly owned subsidiary of or under the management and control of an admitted insurer, or is the successor in interest by merger, consolidation, sale and purchase, or otherwise, of such an admitted insurer, and the applicant is without substantial prior operating history, the commissioner may reasonably rely on the known characteristics and reputation of the admitted insurer to the extent relevant and appropriate under the circumstances.
Terms Used In California Insurance Code 718
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
(Added by Stats. 1965, Ch. 1044.)