California Insurance Code

§ 832

INS § 832Div. 1 · Part 2 · Ch. 1 · Art. 8

Statute text

Every insurer that commits any of the following acts is guilty of a public offense and punishable by fine not exceeding ten thousand dollars:

(a)Selling or causing to be issued a security contrary to the provisions of this article or not in conformity with the permit of the commissioner.

(b)Applying any of the proceeds of sale of a security to any purpose other than as specified in the permit, or to a purpose specified in the permit, but in excess of the amount limited for that purpose.

Legislative history

Enacted by Stats. 1935, Ch. 145.