Under Ins. Code § 700, an insurer that wishes to transact insurance in California must hold:

Why this is the answer

California Insurance Code § 700 provides that no person shall transact insurance in California without first being admitted, and admission is accomplished by procuring a Certificate of Authority from the Insurance Commissioner. Admission is class-specific: under Ins. Code § 700(a) no person may transact any class of insurance without first being admitted for that class, the classes being those listed in § 100, and § 717 lists the qualifications the Commissioner weighs before granting the certificate. Willfully transacting without a COA is a public offense under § 700(b), punishable by imprisonment and a fine of up to $100,000, and subjects the entity to cease-and-desist orders under § 12921.8. See Ins. Code §§ 100, 700, 717.