California Insurance Code 11541 – No director, officer, agent, or employee of the mutual company shall …
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No director, officer, agent, or employee of the mutual company shall receive any fee, commission, or other valuable consideration whatsoever, other than regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the commissioner. This provision shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys at law, accountants, and actuaries for services performed in the independent practice of their professions, even though they may also be directors of the mutual company.
(Amended by Stats. 1996, Ch. 406, Sec. 12. Effective August 19, 1996.)
Terms Used In California Insurance Code 11541
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Mutual company: means , in the case of a plan of conversion, the mutual life insurer, mutual property-casualty insurer, or mutual holding company that is converting pursuant to such plan. See California Insurance Code 11535.1
- plan: means a plan adopted by a mutual company in compliance with this chapter. See California Insurance Code 11535.1