Cal. INS § 11530
This is the official text of Cal. INS § 11530, part of California’s Insurance Code — regulates insurance companies and the insurance policies sold in California.
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Official statutory text
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.
Status: in_force · Read it on the official government site
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