Compensation shall not be paid to any employee or officer by whatever name known of either of the parties to any contract of merger, consolidation or reinsurance for directly or indirectly aiding in effecting such contract. Except as fully expressed in such contract or itemized statement of expenses approved by the supervising insurance authorities, compensation for negotiating, aiding or promoting such a consolidation, merger or reinsurance shall not be paid to any person.
Cal. Ins. Code § 11160
Violations and Penalties
Known as the Health Insurance Disclosure Act
The act spans §§ 10110–11549 (1,209 sections).
Repealed and added by Stats. 1951, Ch. 1193.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.