A “mutual” insurer is an insurance corporation without capital stock owned by its policyholders collectively, who have the right to vote in the election of its directors.
Cal. Ins. Code § 4010
General Provisions
Applied in 2 court decisions — leading case 16 Cal. App. 4th 365 - Barnes v. State Farm Mutual Automobile Insurance (1993)
Most recently applied in 16 Cal. App. 4th 365 - Barnes v. State Farm Mutual Automobile Insurance (June 1993)
Added by Stats. 1963, Ch. 1772.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.