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Section 1555 Of Article 16. Merger Of Certain Reciprocal Insurers From California Insurance Code >> Division 1. >> Part 2. >> Chapter 3. >> Article 16.
1555
. (a) If the vote is in the affirmative, a certified copy of
all proceedings relating to the proposed transaction shall be filed
with the commissioner. If one of the insurers that is a party to the
transaction is a foreign incorporated insurer, there shall also be
filed with the commissioner evidence of that approval, consent, or
authorization that is required by the laws of the state of
incorporation of the foreign insurer. If the commissioner finds that
the proceedings have been in accordance with the law and his or her
requirements, the commissioner shall issue a certificate approving
the plan and agreement and the transaction shall become effective (1)
in the case of a merger, when the certificate, the agreement of
merger, or the certificate of merger, as applicable, and any other
documents required by law have been filed with the Secretary of
State, unless a future effective date or time is provided in the
agreement of merger or certificate of merger, in which event the
merger shall be effective at that future effective date or time, (2)
in the case of a consolidation, when any documents required by the
commissioner have been filed with and approved by the commissioner,
unless a future effective date or time is provided in the agreement
of consolidation, in which event the consolidation shall be effective
at that future effective date or time, or (3) in the case of another
form of transaction, when determined by the commissioner.
(b) The fee of the commissioner for considering the proposed transaction and issuing a certificate approving the transaction shall be four thousand two hundred fifty dollars ($4,250), payable in advance with the filing with the commissioner of the first papers relating to the proposed transaction. Five dollars ($5) shall be charged for each signed and sealed or certified copy of the certificate issued as part of the same transaction in which the original certificate is issued.
(b) The fee of the commissioner for considering the proposed transaction and issuing a certificate approving the transaction shall be four thousand two hundred fifty dollars ($4,250), payable in advance with the filing with the commissioner of the first papers relating to the proposed transaction. Five dollars ($5) shall be charged for each signed and sealed or certified copy of the certificate issued as part of the same transaction in which the original certificate is issued.
