Section 823.
Cal. Insurance Code - INS § 823.
in effect(a)
A privilege pertaining to a security giving the holder the privilege to convert such security into another security of the same insurer is not a sale of such other security.
(b)
A right pertaining to a security and entitling the holder of such right to subscribe to another security of the same insurer is not a sale of such other security, but the sale of such other security upon the exercise of such right shall be subject to the provisions of this article.
Source: CA Legislative Counsel Bulk DataURL: https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zipFetched: 6/27/2026