§ 832
89 words·~1 min read·
/ca/insurance-code/832A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every insurer that commits any of the following acts is guilty of a public offense and punishable by fine not exceeding ten thousand dollars:
(a)Selling or causing to be issued a security contrary to the provisions of this article or not in conformity with the permit of the commissioner.
(b)Applying any of the proceeds of sale of a security to any purpose other than as specified in the permit, or to a purpose specified in the permit, but in excess of the amount limited for that purpose.