California Insurance Code

§ 1668.5

INS § 1668.5 Effective Jan 1, 2022Div. 1 · Part 2 · Ch. 5 · Art. 6

Statute text

(a)The commissioner may deny an application for a license issued pursuant to this chapter, and may suspend or revoke the permanent license of an organization licensed pursuant to this chapter as authorized by Section 1738, if the applicant or holder of the permanent license is an organization and a controlling person of the organization is any of the following:

(1)The controlling person has previously engaged in a fraudulent practice or act or has conducted any business in a dishonest manner.

(2)The controlling person has shown incompetency or untrustworthiness in the conduct of any business, or has by commission of a wrongful act or practice in the course of any business exposed the public or those dealing with the controlling person to the danger of loss.

…

Legislative history

Amended by Stats. 2021, Ch. 627, Sec. 8. (AB 1511) Effective January 1, 2022.