(a) A domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney in fact corporation of a reciprocal insurer, after (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing if a corporation other than an insurer, may not solicit or receive funds in exchange for a new issue of its corporate securities, other than through a stock dividend, until it has applied to the director for, and has been granted, a solicitation permit.
(b) The director shall issue a permit unless the director finds that
(1) the funds proposed to be secured are excessive in amount for the purpose intended;
(2) the proposed securities or the manner of their distribution are inequitable; or
(3) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation.
(c) A solicitation permit granted by the director shall be for the duration, and must contain the terms and be issued upon the conditions that the director may reasonably specify or require.
(a) A domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney in fact corporation of a reciprocal insurer, after (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing if a corporation other than an insurer, may not solicit or receive funds in exchange for a new issue of its corporate securities, other than through a stock dividend, until it has applied to the director for, and has been granted, a solicitation permit.
(b) The director shall issue a permit unless the director finds that
(1) the funds proposed to be secured are excessive in amount for the purpose intended;
(2) the proposed securities or the manner of their distribution are inequitable; or
(3) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation.
(c) A solicitation permit granted by the director shall be for the duration, and must contain the terms and be issued upon the conditions that the director may reasonably specify or require.
(a) A domestic insurer, or insurance holding corporation, or stock corporation for financing operations of a mutual insurer, or attorney in fact corporation of a reciprocal insurer, after (1) it has received a certificate of authority, if an insurer; or (2) it has completed its initial organization and financing if a corporation other than an insurer, may not solicit or receive funds in exchange for a new issue of its corporate securities, other than through a stock dividend, until it has applied to the director for, and has been granted, a solicitation permit.
(b) The director shall issue a permit unless the director finds that
(1) the funds proposed to be secured are excessive in amount for the purpose intended;
(2) the proposed securities or the manner of their distribution are inequitable; or
(3) the issuance of the securities would jeopardize the interests of policyholders or the holders of other securities of the insurer or corporation.
(c) A solicitation permit granted by the director shall be for the duration, and must contain the terms and be issued upon the conditions that the director may reasonably specify or require.
