Section 21.69.100. Duration of permit.

Every solicitation permit issued by the director must
        (1) be for a period of not over two years, subject to the right of the director to grant a reasonable extension for good cause;
        (2) state the securities for which subscriptions are to be solicited, the number, classes, par value, and selling price thereof, or identify the insurance contract for which applications and advance premiums or deposits are to be solicited;
        (3) limit the portion of funds received on account of stock or syndicate subscriptions, if any are proposed to be taken, which may be used for promotion and organization expenses to an amount the director considers adequate, but in no event to exceed 15 percent of the funds as and when actually received;
        (4) if to be a mutual or reciprocal insurer, limit the portion of funds received on account of applications for insurance that may be used for promotion or organization expenses to a reasonable commission upon the funds, giving consideration to the kind of insurance and policy involved and to the costs incurred by insurers generally in the production of similar business, and provide that no commission shall be considered to be earned or be paid until the insurer has received its certificate of authority and the policies applied for and upon which the commission is to be based, have been actually issued and delivered;
        (5) contain other information required by this chapter or reasonable conditions relative to accounting and reports or otherwise that the director considers necessary.

Notes

History

(Sec. 1 ch 120 SLA 1966)