§ 12389.1
157 words·~1 min read·
/ca/insurance-code/12389-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Before granting a license or a reissued license to act as an underwritten title company to any applicant, the commissioner shall consider the qualifications of the applicant in respect to the following subjects:
(a)minimum net worth and working capital;
(b)reasonableness of its plan of operation;
(c)lawfulness and quality of investments;
(d)financial stability;
(e)competency, character, and integrity of management;
(f)ownership and control of issued and outstanding shares;
(g)fairness and honesty of methods of doing business;
(h)method by which the applicant was promoted if any of its promoters remain as stockholders or in management; and
(i)hazard to the public.
Upon consideration of all relevant qualifications, the commissioner shall issue or reissue a license to act as an underwritten title company to the applicant, unless the commissioner shall have made a finding, or findings, that the applicant is materially deficient in respect to one or more of the items outlined herein.