Section 827 Of Article 8. Issue Of Securities From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 8.

. An insurer shall not sell in this state, except upon a sale for delinquent assessment made in accordance with the provisions of Section 423 of the Corporations Code, or offer for sale, negotiate for the sale of, or take subscriptions for any security of its own issue until it shall have first applied for and secured from the commissioner a permit authorizing it so to do.