Earlier editions: 2020-112018-11
DIVISION 2. CLASSES OF INSURANCE 1880-12880.8›PART 1. FIRE AND MARINE INSURANCE 1880-10108.1›CHAPTER 4. General Mutual Insurers 4010-4097.20›ARTICLE 3. Management and Exclusive Agency Contracts 4030-4034
§ 4030
California Insurance Code · 2026 edition · updated 2026-10-04 · California
A domestic mutual insurer shall not hereafter make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer, unless the contract is filed with and approved by the commissioner. That contract shall not be effective unless and until approved by the insurance commissioner. That approval shall be obtained by filing application for approval with the commissioner accompanied by a one-hundred-fifty-dollar ($150) fee. Any disapproval shall be delivered to the insurer in writing, stating the grounds therefor.
(Amended by Stats. 2017, Ch. 534, Sec. 51. (AB 1699) Effective January 1, 2018.)
Get a plain-English answer with a citation back to this text.
Ask AI about this code