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Cal. Ins. Code § 1101.1

Loans and Investments

Applied in 1 court decision — leading case 162 F. Supp. 3d 930 - Wishnev v. Northwestern Mutual Life Insurance (2016)

Most recently applied in 162 F. Supp. 3d 930 - Wishnev v. Northwestern Mutual Life Insurance (February 2016)

Added by Stats. 1951, Ch. 592.

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.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.