California Insurance Code 4010 – A “mutual” insurer is an insurance corporation without capital stock …
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A “mutual” insurer is an insurance corporation without capital stock owned by its policyholders collectively, who have the right to vote in the election of its directors.
(Added by Stats. 1963, Ch. 1772.)
Terms Used In California Insurance Code 4010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.