California Insurance Code

§ 699.5

INS § 699.5 Effective Jan 1, 2009Div. 1 · Part 2 · Ch. 1 · Art. 3

Statute text

(a)The ownership or financial control, in part, direct or indirect, of any domestic, foreign, or alien insurer, by any state of the United States or by a foreign government or by any political subdivision of either, or by an agency of any other state, government, or subdivision thereof, shall not, provided the insurer complies with all other requirements for issuance, renewal, or continuation of a license, restrict the commissioner from issuing, renewing, or continuing in effect the license of that insurer to transact in this state the kinds of insurance business for which that insurer is otherwise qualified under the provisions of this chapter and under its charter, unless the commissioner finds that any of the following is true:

(1)The insurer is subject to any form of subsidy that would enable it to compete unfairly with domestic insurers.

(2)The insurer is subject to governmental practices that discriminate on the basis of any characteristic listed or defined in subdivision (b) or (e) of Section 51 of the Civil Code.

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Legislative history

Amended by Stats. 2008, Ch. 682, Sec. 5. Effective January 1, 2009.