California Insurance Code

§ 827.8

INS § 827.8 Effective Jan 1, 2012Div. 1 · Part 2 · Ch. 1 · Art. 8

Statute text

An offer or sale of voting common stock or preferred stock of and by a foreign or alien insurer to property broker-agents or casualty broker-agents, as defined in Section 33.5, shall be exempt from the requirements of this article if all of the following requirements are met:

(a)The sale shall not be made to more than 35 property broker-agents and casualty broker-agents in the State of California.

(b)Each property broker-agent and each casualty broker-agent to whom an offer is made is an “accredited investor” as defined in Regulation D under the Federal Securities Act of 1933, as amended.

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Legislative history

Amended by Stats. 2011, Ch. 411, Sec. 7. (AB 1416) Effective January 1, 2012.