California Insurance Code

§ 1101

INS § 1101 Effective Jan 1, 2018Div. 1 · Part 2 · Ch. 1 · Art. 17

Statute text

(a)An admitted insurer’s officers, directors, trustees, and any persons who have authority in the management of the insurer’s funds, shall not, unless otherwise provided in this code:

(1)Receive any money or valuable thing for negotiating, procuring, recommending, or aiding in, any purchase by or sale to such insurer of any property, or any loan from such insurer.

(2)Be pecuniarily interested as principal, coprincipal, agent, attorney, or beneficiary, in any such purchase, sale, or loan.

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Legislative history

Amended by Stats. 2017, Ch. 534, Sec. 21. (AB 1699) Effective January 1, 2018.