California Insurance Code ARTICLE 1 - Formation and Organization

• Section 7080.
  Five or more insurers, operating under Chapter 5 of this part and having insurance liabilities exceeding a total of $150,000 which they wish to reinsure,...
• Section 7081.
  Upon payment in advance of two hundred fifty dollars ($250) cash, lawful money of the United States, to the commissioner for all services to be...
• Section 7082.
  The declaration shall be signed by the president and secretary of each of the incorporators. It shall be accompanied by a certified copy of a...
• Section 7083.
  The articles shall be executed by each incorporator through its president or secretary, each signature being acknowledged as required by the general corporation law.(Enacted by...
• Section 7084.
  The commissioner shall examine the proposed articles of incorporation, and if they conform to this chapter, he shall deliver to such incorporators a certificate permitting...
• Section 7085.
  Upon filing with the Secretary of State of the articles of incorporation and the certificate provided for in Section 7084, the incorporation of the reinsurer...
• Section 7086.
  Three delegates shall be elected by each member at its regular annual meeting to represent it at all meetings of the reinsurer.(Enacted by Stats. 1935,...
• Section 7087.
  The delegates shall be elected by ballot and shall hold office for one year, or until their successors have been elected and qualified.(Enacted by Stats....
• Section 7088.
  The annual meeting of the members of the reinsurer shall be held on the third Monday in February of each year.(Amended by Stats. 1941, Ch.
• Section 7089.
  At such meeting one director shall be elected from the delegates of each member so that the number of directors is equal to the number...
• Section 7090.
  In the election of the first board of directors each member insurer shall be entitled to one vote. At every subsequent election, each delegate from...
• Section 7091.
  The directors of the reinsurer shall elect from their own number a president, a vice president, and an executive committee of three. They shall also...
• Section 7092.
  The directors and all of such officers shall hold office for one year from the date of their election, and until their successors are elected...
• Section 7093.
  The treasurer and secretary shall give bonds to the reinsurer in such amounts as are prescribed by the board of directors, conditioned upon the faithful...

Last modified: October 22, 2018