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Section 11520.5 Of Chapter 12. Grants And Annuities Societies From California Insurance Code >> Division 2. >> Part 2. >> Chapter 12.
11520.5
. No person shall transact in this state the business
described in this chapter without first procuring a certificate of
authority from the commissioner for such purpose. Application for
such certificate shall be made on a form prescribed by the
commissioner accompanied by a filing fee of one thousand seven
hundred seventy dollars ($1,770). Such certificate shall not be
granted until the applicant conforms to the requirements of this
chapter and the laws of this state prerequisite to its issue. After
such issue the holder shall continue to comply with the requirements
of this chapter and the laws of this state. Where a hearing is held
under this section the proceedings shall be conducted in accordance
with Chapter 5 (commencing with Section 11500) of Part 1, Division 3,
Title 2 of the Government Code, and the commissioner shall have all
of the powers granted therein.
Subject to the annual fee provisions herein, every certificate of
authority issued or held under this chapter shall be for an
indefinite term and, unless sooner revoked by the commissioner, shall
terminate upon occurrence of any of the following:
(a) Upon the holder's ceasing to exist as a separate entity.
(b) Upon the winding up or dissolution, or expiration or forfeiture of the corporate existence of a corporate holder thereof.
(c) Upon winding up or dissolution of a holder not a corporation.
(d) In any event upon surrender by the holder of its certificate of authority and cancellation of the same by the commissioner. The commissioner shall not cancel a surrendered certificate of authority until he is satisfied by examination, or otherwise, that the former holder has discharged its annuity liabilities to residents of this state or satisfactorily reinsured the same. Notwithstanding the preceding provisions for a certificate of authority of indefinite term, each holder of a certificate of authority under this chapter shall owe and pay in advance to the commissioner in lawful money of the United States an annual fee of fifty-eight dollars ($58) on account of such certificate of authority until its final termination or revocation. Such fee shall be for annual periods commencing on July 1st of each year and ending on June 30th of each year and shall be due on each March 1st and shall be delinquent on and after each April 1st. Each holder of a certificate of authority shall also be subject to the payment in advance of the following fees, as appropriate:
(1) One hundred eighteen dollars ($118) for each amended certificate of authority caused by a change of the name of the holder.
(2) Eighty-nine dollars ($89) for the services and expenses of the commissioner in connection with the filing of amended articles by a holder.
(3) Three hundred fifty-four dollars ($354) for all services and expenses of the commissioner in connection with the withdrawal of a holder of a certificate of authority under this chapter.
(a) Upon the holder's ceasing to exist as a separate entity.
(b) Upon the winding up or dissolution, or expiration or forfeiture of the corporate existence of a corporate holder thereof.
(c) Upon winding up or dissolution of a holder not a corporation.
(d) In any event upon surrender by the holder of its certificate of authority and cancellation of the same by the commissioner. The commissioner shall not cancel a surrendered certificate of authority until he is satisfied by examination, or otherwise, that the former holder has discharged its annuity liabilities to residents of this state or satisfactorily reinsured the same. Notwithstanding the preceding provisions for a certificate of authority of indefinite term, each holder of a certificate of authority under this chapter shall owe and pay in advance to the commissioner in lawful money of the United States an annual fee of fifty-eight dollars ($58) on account of such certificate of authority until its final termination or revocation. Such fee shall be for annual periods commencing on July 1st of each year and ending on June 30th of each year and shall be due on each March 1st and shall be delinquent on and after each April 1st. Each holder of a certificate of authority shall also be subject to the payment in advance of the following fees, as appropriate:
(1) One hundred eighteen dollars ($118) for each amended certificate of authority caused by a change of the name of the holder.
(2) Eighty-nine dollars ($89) for the services and expenses of the commissioner in connection with the filing of amended articles by a holder.
(3) Three hundred fifty-four dollars ($354) for all services and expenses of the commissioner in connection with the withdrawal of a holder of a certificate of authority under this chapter.
