Statute · California Insurance Code
Cal. Ins. Code § 839.5 — Issue of Securities
Cal. Ins. Code § 839.5
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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.
Citator
Cal. Ins. Code § 839.5 — Issue of Securities is in force in the current edition of the Code, and nothing recorded condemns it.
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.