California Insurance Code 5062 – No incorporators or persons acting in their behalf or other persons …
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No incorporators or persons acting in their behalf or other persons participating in the management of such insurer shall advance to or for the subscribers or members any premium, special deposit or assessment required to be paid. It is the intent of this chapter that no person shall have a proprietary interest in such insurer, except equally with all other members.
(Added by Stats. 1955, Ch. 1250.)
Terms Used In California Insurance Code 5062
- Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19