Ins. Code, § 11520.6 · Chapter 12. Grants and Annuities Societies
Ins. Code, § 11520.6
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Before granting a certificate of authority or amended certificate of authority as a grants and annuities society to any applicant, the commissioner shall consider the qualifications of the applicant with respect to the following subjects:
(1) Minimum net worth and working capital.
(2) Lawfulness and quality of investments.
(3) Financial stability.
(4) Reinsurance agreements.
(5) Competency, character, and integrity of management.
(6) Ownership and control.
(7) Fairness and honesty of methods of doing business.
(8) Risk to the public.
(b) Upon consideration of all relevant qualifications, the commissioner shall issue a certificate of authority to an applicant, unless the commissioner finds that the applicant is materially deficient with respect to one or more of the subjects set forth in subdivision (a).
Notes and commentary — not statutory text
History
Added by Stats. 1993, Ch. 225, Sec. 1. Effective January 1, 1994.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=INS§ionNum=11520.6.
- Text hash
- sha256 242af24013268e308694338be8be4fe38ed27d12b7c8b25c98683c5e088ffd78
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.