California · Insurance Code

INS §832: Every insurer that commits any of the following acts is guilty of a public offense and punishable by fine not exceeding ten thousand dollars: (a) Selling or causing to be issued a security contrary to

Misdemeanor

What this law says, in plain English

An insurer commits a public offense if it sells securities contrary to law or permit requirements, or misapplies sale proceeds. Punishment is a fine up to $10,000.

Read the full statutory text

Every insurer that commits any of the following acts is guilty of a public offense and punishable by fine not exceeding ten thousand dollars: (a) Selling or causing to be issued a security contrary to the provisions of this article or not in conformity with the permit of the commissioner. (b) Applying any of the proceeds of sale of a security to any purpose other than as specified in the permit, or to a purpose specified in the permit, but in excess of the amount limited for that purpose.

Verify at the official source: California legislative text

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This page is legal information, not legal advice. Code text is sourced from official publications and may lag amendments — always confirm at the official source linked above. Plain-English summaries and relationship data are AI-derived and reviewed on an ongoing basis; verify with a licensed attorney before acting.