Cal. Ins. Code § 12389.1

Current through the 2024 Legislative Session.

Section 12389.1 - Qualifications considered before granting license

Before granting a license or a reissued license to act as an underwritten title company to any applicant, the commissioner shall consider the qualifications of the applicant in respect to the following subjects:

(a) minimum net worth and working capital;

(b) reasonableness of its plan of operation;

(c) lawfulness and quality of investments;

(d) financial stability;

(e) competency, character, and integrity of management;

(f) ownership and control of issued and outstanding shares;

(g) fairness and honesty of methods of doing business;

(h) method by which the applicant was promoted if any of its promoters remain as stockholders or in management; and

(i) hazard to the public.

Upon consideration of all relevant qualifications, the commissioner shall issue or reissue a license to act as an underwritten title company to the applicant, unless the commissioner shall have made a finding, or findings, that the applicant is materially deficient in respect to one or more of the items outlined herein.

Ca. Ins. Code § 12389.1

Added by Stats. 1987, Ch. 417, Sec. 3.