California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 12.9 - Life Settlements
Section 2548.5 - Sale of Shares or Change in Control of Provider
The provider shall provide to the Commissioner new or revised information about officers, stockholders or owners who hold more than 10 percent of the shares or ownership of the company, partners, directors, or key management personnel within 30 days of change. Furthermore, those providers that are either organized in California or otherwise conducting at least five percent of their life settlement business within this state shall submit a new life settlement application to the Commissioner if such provider sells or transfers 10 percent or more of its stock or ownership to another entity that is not, at the time of the transfer, licensed as a California provider. The provider may transact new business within the state during the Commissioner's review of the new provider application. For purposes of determining whether a provider has conducted at least five percent of its "life settlement business within the state," California business reported in section 5(d) of the Life Settlement Provider Annual Statement in any of the annual reports filed in the three years preceding the sale or transfer shall be used.
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Emergency regulation shall remain in effect, not to be repealed by the Office of
Administrative Law, unless repealed by the Department of Insurance pursuant to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. Amendment filed 11-25-2014;
operative 1-1-2015 (Register 2014, No. 48).
Note: Authority cited: Section 10113.35, 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.
