California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.3 - Licensing of Provider
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) Any person acting as a provider in California pursuant to Insurance Code section 10113.2(b)(1) shall submit to the California Insurance Commissioner an application for a license on the application form referenced at Section 2548.16, along with the application fee of $3,848. The Commissioner shall have the authority to require Applicant to fully disclose the identification of all stockholders who hold more than 10 percent of the shares of the company, as well as all partners, directors, members and key management personnel. The Commissioner may refuse to issue a license to the entity if the Commissioner believes that any stockholder, partner, director, member or person in a key management position fails to meet the standards of Insurance Code sections 10113.2(b)(1) and 10113.2(b)(2).
(b) The Commissioner's issuance of a provider's license to a legal entity authorizes all officers, partners, and key management personnel to act as a provider.
(c) On each year following the issuance of the original license, a provider shall pay the renewal fee of $241 and shall renew its license.
1. New section
filed 12-22-2006; operative 1-21-2007 (Register 2006, No. 51).
2.
Repealer and new section filed 7-29-2010 as an emergency; operative 7-29-2010.
Emergency regulation shall remain in effect, not to be repealed by the Office of
Administrative Law, unless repealed by the Department of Insurance pursuant to
Insurance Code section
10113.35
(Register 2010, No. 31).
3. Change without regulatory effect amending
NOTE filed 1-24-2012 pursuant to section
100, title 1, California Code of
Regulations (Register 2012, No. 4).
4. Change without regulatory effect
amending subsections (a) and (c) and NOTE filed 7-3-2013 pursuant to section
100, title 1, California Code of
Regulations (Register 2013, No. 27).
5. Change without regulatory effect
amending subsections (a) and (c) filed 8-14-2014 pursuant to section
100, title 1, California Code of
Regulations (Register 2014, No. 33).
Note: Authority cited: Sections 10113.35 and 12978, Insurance Code; CalFarm Ins. Co. v. Deukmejian, 48 Cal.3d 805 (1989); 20th Century Ins. Co. v. Garamendi, 8 Cal.4th 216 (1994). Reference: Section 10113.2, Insurance Code.
