California Insurance Code

§ 1560.08

INS § 1560.08 Effective Jan 1, 1999Div. 1 · Part 2 · Ch. 3 · Art. 17

Statute text

No director, officer, agent, or employee of the domestic reciprocal insurer 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 domestic reciprocal insurer.

Legislative history

Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.