Cal. Code Regs. tit. 10 § 2509.10

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2509.10 - Common Stock

Common stock is acceptable for workers' compensation deposit subject to the requirements set forth in this Article, and all of the following requirements:

(a) the stock must be registered and traded on a national securities exchange as provided in the Securities Exchange Act of 1934, as amended; and

(b) the stock must not be stock of an affiliate of Applicant; and

(c) no more than ten percent (10%) of the deposited value shall be in the stock of any one corporation calculated on the basis of the minimum required deposit value which must be maintained by the depositing insurer; and

(d) the issuing corporation must have a net worth of at least one hundred million dollars ($100,000,000); and

(e) the issuing corporation shall have paid dividends on its common stock in each of the last five (5) years of operation; and

(f) the issuing corporation shall not have incurred a net loss in any more than one (1) of the last five (5) years of operation.

Cal. Code Regs. Tit. 10, § 2509.10

1. Change without regulatory effect amending NOTE filed 4-28-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 18).

Note: Authority cited: Section 11691, Insurance Code. Reference: Section 11691, Insurance Code.

1. Change without regulatory effect amending Note filed 4-28-2014 pursuant to section 100, title 1, California Code of Regulations (Register 2014, No. 18).