11520.6
Effective Jan 1, 1994Added by Stats. 1993, Ch. 225, Sec. 1. Effective January 1, 1994.
(a) Before granting a certificate of authority or amended certificate of authority as a grants and annuities society to any applicant, the commissioner shall consider the qualifications of the applicant with respect to the following subjects:
- (1) Minimum net worth and working capital.
- (2) Lawfulness and quality of investments.
- (3) Financial stability.
- (4) Reinsurance agreements.
- (5) Competency, character, and integrity of management.
- (6) Ownership and control.
- (7) Fairness and honesty of methods of doing business.
- (8) Risk to the public.
- (b) Upon consideration of all relevant qualifications, the commissioner shall issue a certificate of authority to an applicant, unless the commissioner finds that the applicant is materially deficient with respect to one or more of the subjects set forth in subdivision (a).