California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 1.3 - Standards for Approval of Insurer Names
Section 2278.56 - Use of Names Similar to Affiliate's Name
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Notwithstanding Subdivision (a) of Section 2278.55, a proposed name will not be considered to be an interference with or too similar to the name of an Affiliate if use of the proposed name is not likely to mislead the public, and if the following are provided to the Commissioner:
(a) a legally binding written consent from each affected Affiliate which states that the Affiliate does not object to use of the proposed name in California by the Applicant, and which states that the written consent is irrevocable and unconditional. The written consent shall be signed by each Affiliate's chairman, president or any vice president, and shall be signed by each Affiliate's corporate secretary, an assistant secretary, chief financial officer, or assistant treasurer; and
(b) a legally binding written commitment from an officer of the Applicant and a legally binding written commitment from an officer of each affected Affiliate that neither the Applicant nor the Affiliate shall use any confusion about their names as a defense in any legal or other proceeding to avoid a claim which is against the Applicant or any affected Affiliate. The written commitment shall state that it is irrevocable and unconditional. The written commitment shall be signed by the Applicant's and each Affiliate's chairman, president or any vice president, and shall be signed by the Applicant's and each Affiliate's corporate secretary, an assistant secretary, chief financial officer, or assistant treasurer.
1. New section filed 10-11-2010; operative 11-10-2010 (Register 2010, No. 42).
Note: Authority cited: Sections 700, 720 and 790.10, Insurance Code; CalFarm Ins. Co. v. Deukmejian, (1989) 48 Cal.3d 805; and 20th Century Ins. Co. v. Garamendi, (1994) 8 Cal. 4th 216. Reference: Sections 742.42, 790.2, 790.03, 880, 881, 881.1, 881.5, 882, 882.5, 883, 10970, 12162, 12389 and 12743, Insurance Code.
