California § 1101.1. 1101.1. (Added by Stats. 1951, Ch. 592.)

California Statutes

§ 1101.1. — 1101.1. (Added by Stats. 1951, Ch. 592.)

California·Code INS Insurance Code - INS·Div. 1. DIVISION 1. GENERAL RULES GOVERNING INSURANCE·Part 2. PART 2. THE BUSINESS OF INSURANCE·Ch. 1. CHAPTER 1. General Regulations·Art. 17. ARTICLE 17. Loans and Investments

An officer, excluding a director who holds no other office, or employee of an admitted insurer shall not receive any money or valuable thing directly or indirectly as a brokerage commission on reinsurance ceded by such insurer and an insurer shall not pay such commissions. This provision shall not apply to brokerage or commissions authorized by the board of directors of the ceding insurer as compensation for services actually rendered nor to dividends received by any such officer or employee upon the stock of a corporation in which such officer or employee or his immediate family does not own a controlling interest or in fact exercises control.

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An officer, excluding a director who holds no other office, or employee of an admitted insurer shall not receive any money or valuable thing directly or indirectly as a brokerage commission on reinsurance ceded by such insurer and an insurer shall not pay such commissions. This provision shall not apply to brokerage or commissions authorized by the board of directors of the ceding insurer as compensation for services actually rendered nor to dividends received by any such officer or employee upon the stock of a corporation in which such officer or employee or his immediate family does not own a controlling interest or in fact exercises control.

California § 1101.1. (1101.1. (Added by Stats. 1951, Ch. 592.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.