Section 700 Of Article 3. Certificate Of Authority From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 3.
700
. (a) A person shall not transact any class of insurance
business in this state without first being admitted for that class.
Except for the State Compensation Insurance Fund as authorized by
Sections 11770 and 11778 to 11780.5, inclusive, admission is secured
by procuring a certificate of authority from the commissioner. The
certificate shall not be granted until the applicant conforms to the
requirements of this code and of the laws of this state prerequisite
to its issue.
(b) The unlawful transaction of insurance business in this state
in willful violation of the requirement for a certificate of
authority is a public offense punishable by imprisonment pursuant to
subdivision (h) of Section 1170 of the Penal Code, or in a county
jail not exceeding one year, or by fine not exceeding one hundred
thousand dollars ($100,000), or by both that fine and imprisonment,
and shall be enjoined by a court of competent jurisdiction on
petition of the commissioner.
(c) After the issuance of a certificate of authority, the holder
shall continue to comply with the requirements as to its business set
forth in this code and in the other laws of this state, including,
but not limited to, Chapter 5 (commencing with Section 1631), with
regard to employees or contractors who solicit, negotiate, or effect
insurance.
(d) 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 of Division 3 of Title 2 of the Government
Code, and the commissioner shall have all the powers granted therein.
(e) The commissioner shall either issue or deny an application for
a certificate of authority within 180 calendar days after the date
of the application.
(f) The commissioner and his or her authorized representative
shall be prohibited from seeking a waiver to extend the 180 calendar
day period specified in subdivision (e), nor shall the applicant be
permitted to waive that period.