California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 11.2 - Separate Account or Accounts-Modified Guaranteed Annuities
Section 2534.22 - Obtaining Certification Permitting Transaction of Modified Guaranteed Annuity Business

No insurer shall deliver or issue for delivery in this State any modified guaranteed annuity until it has received in writing from the Commissioner a certification that such insurer meets all the standards for transacting business required by California Insurance Code Section 10506. A certification may be obtained by filing an application (which includes the information specified in section 2534.23 or section 2534.24 of this article) with the Commissioner; payment of the minimum filing fee required by California Insurance Code Section 10506.1; and in the case of a domestic insurer, payment of an additional amount as may be assessed by the Commissioner pursuant to said California Insurance Code Section 10506.1. The application shall be verified by an executive officer of the insurer. The Commissioner shall advise applicants in writing within 90 days of receipt of the application whether the application is complete and accepted for filing; or, if the application is deficient the Commissioner shall advise the applicant what specific information is required. After a completed application is received, the Commissioner shall advise applicants, in writing, within one year whether certification is granted or denied.

1. New section filed 2-6-92; operative 3-9-92 (Register 92, No. 13).

Note: Authority cited: Sections 10506(h) and 10506.3(a), Insurance Code. Reference: Sections 10506(h), 10506.3(a), 10506, 10506.1, Insurance Code.