California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 4 - Insurer Securities Permits › Article 3 - Applications-in General › Section 2603.13 - Other Allegations Required in All Applications

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
Unless otherwise provided by these regulations or
					 authorized by statute, every application for an insurer securities permit shall
					 allege under oath or lawful verification as to the truth thereof the following
					 information, either in the body of the application or by exhibits referred to
					 and incorporated therein so as to be included within the scope of the oath or
					 other verification:
A. The number,
				  class or kind, par value (or, in case of noninsuring "insurers" with no par
				  stock, the stated value) and amount of securities applicant proposes to
				  sell.
B. The sale price or other
				  consideration to be paid therefor per share and in gross for the total number
				  of shares or other securities sought to be authorized by the permit applied
				  for.
C. The selling commission and
				  any other compensation, including but not limited to stock options, to be paid
				  or allowed, directly or indirectly, and to whom.
D. Applicant's best estimate of the total
				  expenses to be incurred on account of such sale.
E. The purpose of the sale and issue,
				  exchange or other action for which a permit is sought, what is expected to be
				  accomplished thereby and the anticipated effect thereof upon applicant's
				  financial position, including capital paid up and unassigned surplus in the
				  case of insurance companies, and capital, or capital and surplus in the case of
				  underwritten title companies and other noninsuring "insurers." Detailed pro
				  forma financial statements are not ordinarily required, but may be,
				  particularly in the case of insurance companies.
F. In the case of an application for any kind
				  of stock option plan, a copy of the plan with evidence of its lawful adoption
				  by applicant's board of directors and stockholders--subject to any lawfully
				  required approval of appropriate securities regulatory authorities--, and a
				  copy of each form of security, option or contract for a security proposed to be
				  issued in connection therewith.
G.
				  In case of an application for a negotiating permit, a description of the
				  matters desired to be negotiated.
H. Any other, different, additional facts,
				  data or information which the Commissioner may reasonably request as needed for
				  the Commissioner to make and substantiate findings, affirmative or negative,
				  required by law to be made by the Commissioner before a permit may issue, or
				  authorized to be made in respect to the transaction for some part of which the
				  permit applied for is needed. (Sections
				  839,
				  839.1,
				  839.5,
				  715,
				  840,
				  842,
				  843)
1. Change
					 without regulatory effect amending paragraph H. 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.