California Insurance Code 839.5 – The commissioner shall not issue a permit for the sale of any …
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The commissioner shall not issue a permit for the sale of any securities of a domestic insurer in any case where he finds that the expense of organization, exclusive of attorney fees, accountant fees, and actuary fees, will exceed 12 percent of the total amount actually paid for the capital stock.
(Amended by Stats. 1972, Ch. 196.)
Terms Used In California Insurance Code 839.5
- 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