California Insurance Code 1102 – The financial obligation of any officer, director, trustee, or other …
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The financial obligation of any officer, director, trustee, or other person having authority in the management of an insurer’s funds shall not be guaranteed by such insurer in any capacity, and any such guarantee shall be void.
(Amended by Stats. 1937, Ch. 736.)
Terms Used In California Insurance Code 1102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
- Trustee: A person or institution holding and administering property in trust.