California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 1 - Admission Requirements
Section 2276 - When Examination Required
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
The examination permitted by Section 731 of the Insurance Code of the business and affairs of foreign insurers applying for admission in the State of California will be required in the case of all foreign insurers seeking admission, who do not meet all of the following requirements:
(a) Such insurer has transacted insurance business under the same corporate name and management for at least five years immediately preceding the date of its application for admission to the State of California.
(b) Such insurer is, and for at least five years immediately preceding the date of its application for admission to the State of California, has been, authorized to transact an insurance business in not less than five states.
(c) Such insurer, through its duly authorized officers who have full knowledge of the facts, files a verified statement under oath that it has never been denied admittance in any state and that its certificate of authority to transact business in any state has never been revoked or suspended.
(d) Such insurer has been officially examined by the insurance commissioner or similar official of its home state as of a date not more than two years preceding the date of its application for admission to California.
(e) Such insurer, in addition to all other papers required to be filed, files with this department a certified copy of the last report of such examination.
(f) Such insurer has a cash capital of not less than $500,000 and a surplus over all liabilities of not less than $250,000.
The foregoing regulation is not to be construed as waiving the statutory right of the Insurance Commissioner to make or cause to be made such examination in the case of any such foreign insurer who meets all of the foregoing requirements.
