California Insurance Code 1104 – An admitted insurer shall not make any loan, other than a policy …
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An admitted insurer shall not make any loan, other than a policy loan, to any officer, director, trustee or other person having authority in the management of its funds, nor shall such officer, director, trustee or other person accept any such loan.
This section does not prohibit a loan to, or for the benefit of, an employee for the purpose of paying the premiums on a life insurance policy on the life of such employee.
Terms Used In California Insurance Code 1104
- 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.
(Amended by Stats. 1963, Ch. 1929.)