California Insurance Code

§ 11520.5

INS § 11520.5 Effective Jan 1, 2018Div. 2 · Part 2 · Ch. 12

Statute text

A person shall not transact in this state the business described in this chapter without first procuring a certificate of authority from the commissioner for that purpose. Application for that certificate shall be made on a form prescribed by the commissioner accompanied by a filing fee of four thousand two hundred thirty-three dollars ($4,233). The certificate shall not be granted until the applicant conforms to the requirements of this chapter and the laws of this state prerequisite to its issue. After the issuance, the holder shall continue to comply with the requirements of this chapter and the laws of this state. When a hearing is held under this section the proceedings shall be conducted in accordance with Chapter 5 (commencing with Section 11500) of Part 1 of Division 3 of Title 2 of the Government Code, and the commissioner shall have all of the powers granted therein. Subject to the annual fee provisions herein, every certificate of authority issued or held under this chapter shall be for an indefinite term and, unless sooner revoked by the commissioner, shall terminate upon occurrence of any of the following:

(a)Upon the holder’s ceasing to exist as a separate entity.

(b)Upon the winding up or dissolution, or expiration or forfeiture of the corporate existence of a corporate holder thereof.

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Legislative history

Amended by Stats. 2017, Ch. 534, Sec. 68. (AB 1699) Effective January 1, 2018.