Cal. Code Regs. tit. 10 § 2603.13

Current through Register 2024 Notice Reg. No. 49, December 6, 2024

Section 2603.13 - Other Allegations Required in All Applications

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)

Cal. Code Regs. Tit. 10, § 2603.13

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.