Cal. Code Regs. Tit. 10, § 2602.07 Effect of Sale Without Permit

• Library: California Code of Regulations
• Edition: 2023
• Currency: Current through Register 2023 Notice Reg. No. 52, December 29, 2023
• Citation: Cal. Code Regs. Tit. 10, § 2602.07
• Year: 2023

The law provides that issuance of a security by an insurer without a permit in force at the time of issuance, under the circumstances such that one is required, shall be void. Every security issued by an insurer under the Commissioner's permit shall be void unless its provisions conform to the provisions, if any, required by the permit. (Sec. 10undefined831) Cf. Reed vs. Norman (1953) 41 Cal. 2d 17, 256 Pac. 2d 930; Wells vs. Comstock (1956) 46 Cal. 2d 528, 531, 297 Pac. 2d 961. An insurer is itself...