California Insurance Code

§ 839.5

Name: California Superior Court Tentative Rulings
Creator: DecisionDepot
License: https://creativecommons.org/licenses/by-nc/4.0/

INS § 839.5Div. 1 · Part 2 · Ch. 1 · Art. 8

Statute text

View on leginfo.ca.gov

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.

Legislative history

Amended by Stats. 1972, Ch. 196.