California Insurance Code ARTICLE 1 - Formation and Organization

• Section 5050.
  Two hundred fifty (250) or more persons residing in one county of this State may incorporate for the purpose of forming a mutual fire insurer...
• Section 5050.1.
  If such persons have not performed all acts and secured all agreements necessary to complete the incorporation of such insurer within one year from the...
• Section 5050.5.
  Any county mutual fire insurer heretofore or hereafter incorporated and doing business under the provisions of this chapter may, if it has issued an insurance...
• Section 5051.
  Upon the payment in advance of seven thousand fifty-five dollars ($7,055) to the commissioner for all services to be rendered by him or her in...
• Section 5052.
  The commissioner shall examine the proposed articles of incorporation. If they conform to this chapter he shall deliver to such persons a certificate permitting them...
• Section 5053.
  The duly executed articles of incorporation and a copy of the certificate of the commissioner shall be filed with the Secretary of State in conformity...
• Section 5054.
  The articles of incorporation and certificate obtained by any county mutual fire insurer operating under the provisions of this chapter are subject to control and...
• Section 5055.
  The by-laws and all amendments thereto shall be filed with the commissioner within sixty days after their adoption.(Enacted by Stats. 1935, Ch. 145.)
• Section 5056.
  Such insurer shall have not less than seven, nor more than 11 directors, a majority of whom shall constitute a quorum to do business.The by-laws...
• Section 5057.
  The annual meeting of the members of the insurer shall be held on the second Monday of February of each year, unless its board of...
• Section 5058.
  In the election of the first board of directors each member shall be entitled to one vote. At every subsequent election each member shall be...
• Section 5059.
  A member may cast his votes in person or by proxy, distributing them among the directors to be elected, or among a less number of...
• Section 5060.
  The directors shall elect, from their own number, a president and a vice president. They shall also elect a treasurer and a secretary, who need...
• Section 5061.
  The treasurer and secretary shall give bonds to the insurer for the faithful performance of their duties, in such amounts as are prescribed by the...
• Section 5062.
  No incorporators or persons acting in their behalf or other persons participating in the management of such insurer shall advance to or for the subscribers...
• Section 5063.
  No such insurer may enter into any general agency or management contract whereby it authorizes or delegates to a person the right to assume virtual...

Last modified: October 22, 2018