DIVISION 1. GENERAL RULES GOVERNING INSURANCE 100-1879.8›PART 2. THE BUSINESS OF INSURANCE 680-1879.8›CHAPTER 3. Reciprocal Insurers 1280-1560.19›ARTICLE 17. Conversion of Certain Reciprocal Insurers to Incorporated Stock Insurers 1560-1560.19
§ 1560.08
California Insurance Code · 2018-11 edition · updated 2026-10-04 · California
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.
(Added by Stats. 1998, Ch. 421, Sec. 2. Effective January 1, 1999.)
Get a plain-English answer with a citation back to this text.
Ask AI about this code