Cal. INS § 4097.09
This is the official text of Cal. INS § 4097.09, part of California’s Insurance Code — regulates insurance companies and the insurance policies sold in California.
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Official statutory text
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.
Status: in_force · Read it on the official government site
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