Statute · California Insurance Code
Cal. Ins. Code § 4030 — Management and Exclusive Agency Contracts
Cal. Ins. Code § 4030
- Type
- Statute
- Source
- California Insurance Code
- Jurisdiction
- California
- Date
- 2018-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
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…
Citator
Cal. Ins. Code § 4030 — Management and Exclusive Agency Contracts is in force in the current edition of the Code, and nothing recorded condemns it.
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.