Every payment for the acquisition of any shares of the capital stock of such insurer, the purchase price of which is not fixed by such plan, shall be subject to the prior approval of the commissioner. Neither such plan, nor any such payment, may be approved by the commissioner unless he finds that the rights and interests of the insurer, its policyholders, and shareholders are protected.
Cal. Ins. Code § 11530
Execution of Plan
Known as the Health Insurance Disclosure Act
The act spans §§ 10110–11549 (1,209 sections).
Amended by Stats. 1947, Ch. 223.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.