California Insurance Code

§ 716

INS § 716Div. 1 · Part 2 · Ch. 1 · Art. 3

Statute text

No certificate of authority shall be granted to a foreign or alien applicant that has not actively transacted for three years the classes of insurance for which it seeks to be admitted. This section shall not apply to any of the following:

(a)An applicant 51 percent or more of whose voting shares are owned by a reputable insurer admitted to this state for at least three years.

(b)An applicant which is the successor in interest, by merger, transformation, consolidation, purchase, or other transaction, of substantially all the insurance business and going concern value of a reputable insurer which was, and still is, the dominant factor in such transaction, and could itself have been admitted.

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Legislative history

Amended by Stats. 1980, Ch. 223, Sec. 1.