§ 707 Insurer Incorporation Filing Requirements

This law says an insurance company must send the state a copy of its formation papers and any changes to its money amount before it can start doing business there.

Key Takeaways

•The insurer must file paperwork before it can be admitted to do business.
•The paperwork includes the articles of incorporation.
•If the insurer’s capital stock goes up or down, it must also file a certified copy of that change.

Example

A new car insurance company wants to sell policies in the state.

Before it can sell any policies, it has to give the state’s insurance commissioner a copy of its articles of incorporation and a certified copy showing any increase or decrease in its capital stock, just like the paperwork it filed with the Secretary of State.

A domestic insurer shall, prior to admission, file with the commissioner a copy of its articles of incorporation and certificate of any increase or diminution of its capital stock, certified by the Secretary of State to be a copy of that which is filed in his office. (Enacted by Stats. 1935, Ch. 145.)

This law says an insurance company must send the state a copy of its formation papers and any changes to its money amount before it can start doing business there.

Key Takeaways

•The insurer must file paperwork before it can be admitted to do business.
•The paperwork includes the articles of incorporation.
•If the insurer’s capital stock goes up or down, it must also file a certified copy of that change.

Example

A new car insurance company wants to sell policies in the state.

Key Takeaways

Example

Key Terms

References

§ 707 Insurer Incorporation Filing Requirements

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References