California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 4 - Insurer Securities Permits
Article 9 - Miscellaneous Requirements
Section 2609.08 - Holding Company Expenses Included

In calculating the expenses described in the preceding section, holding company expenses shall be included. Where organization of a holding company and its subsidiary or subsidiaries are not substantially concurrent, such expenses attributable to the holding company as may be reasonably and fairly allocated to the insurer applicant shall be included. In determining what is "substantially concurrent" the practicabilities of the situation and the objective of the holding company for the reasonably foreseeable future will be considered. (Section 715)