California Insurance Code

§ 827.5

INS § 827.5Div. 1 · Part 2 · Ch. 1 · Art. 8

Statute text

The term “insurer” as used in this section shall not include domestic insurers as defined in Section 26. The following transactions of an insurer described in subdivisions (a), (c), (d), and (f) of Section 826 shall be exempt from the provisions of this article:

(a)Any negotiations or agreements prior to general solicitation for the approval of the shareholders of said insurer and subject to such approval, of a change in the rights, preferences, privileges or restrictions of or on outstanding securities or a merger, consolidation or sale of corporate assets in consideration of the issuance of securities.

(b)Any change in the rights, preferences, privileges, or restrictions of or on outstanding securities of such insurer, unless the holders of at least 25 percent of the outstanding shares or units of any class of securities which will be directly or indirectly affected substantially and adversely by such change have addresses in this state according to the records of such insurer; or

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Legislative history

Added by Stats. 1977, Ch. 1020.