California Insurance Code 4097.09 – No director, officer, agent, or employee of the mutual company shall …
Current as of: 2024 | Check for updates
|
Other versions
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.
(Added by Stats. 1998, Ch. 421, Sec. 4. Effective January 1, 1999.)
Terms Used In California Insurance Code 4097.09
- 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 medical malpractice mutual insurer or mutual holding company that is converting pursuant to the plan. See California Insurance Code 4097.01
- plan: means a plan adopted by a mutual company in compliance with this article. See California Insurance Code 4097.01