California Insurance Code 715 – The commissioner shall have no authority to issue a certificate of …
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The commissioner shall have no authority to issue a certificate of authority, other than a renewal certificate of authority, to any domestic insurer, whether organized and promoted directly or by means of a holding company, where the commissioner’s examination shows that the expense of organization and promotion, exclusive of attorney fees, accountant fees, and actuary fees, exceeds 12 percent of the total amount actually paid on its capital stock.
(Amended by Stats. 1972, Ch. 196.)
Terms Used In California Insurance Code 715
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Domestic: means organized under the laws of this State, whether or not admitted. See California Insurance Code 26