Section 831 Of Article 8. Issue Of Securities From California Insurance Code >> Division 1. >> Part 2. >> Chapter 1. >> Article 8.

. Every security issued by any insurer without a permit of the commissioner authorizing the same in effect at the time of the issue, shall be void. Every security issued by any insurer under a permit of the commissioner shall be void unless its provisions conform to the provisions, if any, required by the permit.