SECTIONS 4020-4023 - California Statutes

INSURANCE CODE

SECTION 4020-4023

4020. The affairs of every domestic mutual insurer shall be managed
by a board of directors consisting of not less than 5 directors nor
more than 15 directors.

4021. Directors shall be elected by the members of a domestic
mutual insurer at the annual meeting of members. Directors may be
elected for terms of not more than five years each and until their
successors are elected and have qualified, and if to be elected for
terms of more than one year, the insurer's bylaws shall provide for a
staggered term system under which the terms of a proportionate part
of the number of the board of directors shall expire on the date of
each annual meeting of members.

4022. A director of a mutual insurer shall be a policyholder
thereof.

4023. As to an insurer operating as an authorized insurer only in
the State of California, a majority of the members of the insurer's
board of directors shall be citizens of and shall actually reside in
this State.