Cal. Code Regs. tit. 10 § 2602.01
The insurance Securities Law applies to the original issue of their own securities anywhere (including sale of treasury stock) by domestic insurers. It applies to foreign and alien admitted and nonadmitted insurers alike wherever acts concerning the original issue of their own securities to which jurisdiction of this sovereign state attaches are performed within the state. It also forbids certain secondary sales as hereinafter explained. Except as provided by Insurance Code Sections 845, 12393 and 12395, and Financial Code Sections 350- 407 (especially Sec. 402) with respect to a title insurer doing or preparing to do a trust business, there is not an overlapping or dual jurisdiction with any other agency. If the applicant is an "insurer" and if it is to "offer for sale, negotiate for the sale of, or take subscriptions for any security of its own issue" (except upon a sale pursuant to Sections 2700 et seq., Corporations Code, for delinquent assessment) within the meaning of Section 827, the Corporate Securities Law does not apply. See Corporations Code Section 25100(h). Underwritten title companies, attorneys-in-fact for reciprocals, and exclusive management corporations for domestic insurers are included in the definition of "insurer." Refer to Insurance Code Section 826 and to Section 2601.02 C, supra, for definition. Choice of the wrong agency for issuance of insurer security permits will apparently result in issue of void securities, according to statute (Sections 826, 827, 831 and Corporations Code Section 25100(h)), unless and until such issue is subsequently validated by legislative act.
Cal. Code Regs. Tit. 10, § 2602.01