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DIVISION 1. GENERAL RULES GOVERNING INSURANCE 100-1879.8›PART 2. THE BUSINESS OF INSURANCE 680-1879.8›CHAPTER 1. General Regulations 680-1113›ARTICLE 8. Issue of Securities 820-860

§ 839.5

California Insurance Code · 2018-11 edition · updated 2026-10-04 · California

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.

(Amended by Stats. 1972, Ch. 196.)

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California Insurance Code

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