Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) An individual person who directly or
indirectly owns or exercises voting control or more than ten percent of the voting
securities of any member of an insurance holding company system may either:
(1) File a disclaimer in conformity with Insurance
Code Section
1215.4
(i) and these regulations, if in fact such
individual person's ownership of securities or exercise of voting power does not in
the particular case result in effective control of the other member; or
(2) If such a person's ownership of securities or
exercise of voting power does in fact result in control of the other member, such
individual may file an abbreviated registration statement as hereinafter provided in
this section.
(b) An
individual person who, according to law (Insurance Code Section
1215 (a), (b), (c) and
(d)), is a member of an insurance holding company
system shall be required to register pursuant to Section
1215.4
(a) of the Insurance Code under the same
circumstances as other "persons" are. Such an individual need file only the
following in such individual's registration statement, certified under penalty of
perjury as being true and correct in relation to all matters which are or reasonably
should be within such individual's personal knowledge, and true and correct
according to such individual's information and belief (stating the source of such
individual's information) as to any other matters:
(1) The name and address of the other member or
members of the insurance holding company system whose securities such individual
owns or has the authority to vote, and the amount or number of each kind of voting
securities (describing the same) which such individual holds or votes, and the
approximate percentage of the insurer's outstanding voting securities which such
individual's holdings, including shares such individual is authorized to vote,
represent;
(2) When and from whom such
voting authority (e.g., proxies) and/or shares were acquired, whether such shares
were acquired at the then market price, and whether they are presently
hypothecated;
(3) Whether the registrant
(individual) is under contract to or has an understanding with any other person to
vote any of such shares as directed by such other person;
(4) Registrant's own name, address, and the names
and addresses of all insurers with whom the registrant is now or has been
affiliated, employed by, or served as officer or director of during the ten years
last preceding;
(5) Whether registrant
has been convicted, or had sentence imposed, suspended, or been pardoned for
conviction of, or pleaded guilty to or nolo contendere to, an information or
indictment charging a felon for any of the following: theft or larceny; mail fraud;
violation of any state or federal corporate securities law or insurance law; also,
whether registrant has been the subject of a cease and desist order by any state or
federal securities regulatory agency. In any instance where the answer is
affirmative, identify the court or agency, nature of the action or proceeding, give
case or file number, the place, date, and summarize the facts, including final
disposition;
(6) Whether affiant has
been an officer, director, trustee, general manager, investment committee member or
controlling stockholder of an insurer which, while affiant occupied such position or
within one year thereafter, was taken into conservatorship, declared insolvent; or
while affiant occupied such position was enjoined from violating or ordered to cease
and desist from violating any securities or insurance law, or whose license or
certificate of authority as an insurer was revoked or suspended for a like cause. If
any answer is affirmative, explain fully, giving names, places, dates, circumstances
and ultimate disposition.
(7) Such other
information as the Commissioner may reasonably deem necessary.
(c) Except as above set forth the requirements of
Insurance Code Section
1215.4
(b) are deemed inapplicable to individual person
affiliates as not comprehended within the purpose of said Section 1215.4.
1. Change without
regulatory effect amending subsections (b)-(b)(1) and (b)(4)-(b)(6) filed 7-14-2021
pursuant to section
100, title 1, California Code of
Regulations (Register 2021, No. 29). Filing deadline specified in Government Code
section
11349.3(a)
extended 60 calendar days pursuant to Executive Order
N-40-20.
