California § 4097.09. 4097.09. (Added by Stats. 1998, Ch. 421, Sec. 4.)

California Statutes

§ 4097.09. — 4097.09. (Added by Stats. 1998, Ch. 421, Sec. 4.)

California·Code INS Insurance Code - INS·Div. 2. DIVISION 2. CLASSES OF INSURANCE·Part 1. PART 1. FIRE AND MARINE INSURANCE·Ch. 4. CHAPTER 4. General Mutual Insurers·Art. 10. ARTICLE 10. Conversion of an Incorporated Medical Malpractice Mutual Insurer into an Incorporated Stock Insurer

No director, officer, agent, or employee of the mutual company 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 mutual company.

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No director, officer, agent, or employee of the mutual company 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 mutual company.

California § 4097.09. (4097.09. (Added by Stats. 1998, Ch. 421, Sec. 4.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.