Statute · California Insurance Code
Cal. Ins. Code § 1049 — Proceedings in Cases of Insolvency and Delinquency
Cal. Ins. Code § 1049
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Each policyholder of such insurer shall be entitled to one vote, regardless of the amount for which, or the number of policies under which, he is insured. Such mutualization plan shall be deemed approved by the said policyholders if a majority of the policyholders voting for and against it shall…
Citator
Cal. Ins. Code § 1049 — Proceedings in Cases of Insolvency and Delinquency is in force in the current edition of the Code, and nothing recorded condemns it.
Each policyholder of such insurer shall be entitled to one vote, regardless of the amount for which, or the number of policies under which, he is insured. Such mutualization plan shall be deemed approved by the said policyholders if a majority of the policyholders voting for and against it shall have approved it, and shall be deemed rejected if a majority of the policyholders voting for and against it shall have rejected it. In the event that said plan of mutualization is rejected by the policyholders of such insurer, the commissioner shall certify the fact of such rejection to said court, whereupon he may proceed further as hereinbefore provided in this article.