California Codes

Cal. Insurance Code § 4010 (2026)

✓ current as of May 2026

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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.

Notes of Decisions

Cited in 4 cases (1 in the last 5 years), 1992–2021 · leading case: Mathis v. Morrissey, 92 Cal. Daily Op. Serv. 9665 (Cal. Ct. App. 1992).

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Mathis v. Morrissey, 92 Cal. Daily Op. Serv. 9665 (Cal. Ct. App. 1992). · cites it 2× “(Ins. Code, § 4010.) Policyholders have a right to vote for directors and may receive a dividend if the company has funds in excess of a surplus equivalent to the aggregate of paid-in capital and unassigned surplus required for the issuance of a certificate of authority to a…”

Barnes v. State Farm Mut. Auto. Ins., 93 Cal. Daily Op. Serv. 4380 (Cal. Ct. App. 1993). “” (Ins. Code, § 4010.) It is “subject to all provisions of this code *375 applicable to other incorporated insurers, except where otherwise provided .”

Untitled California Attorney Gen. Opinion (Cal. Att'y Gen. 1992). · cites it 3× “Code, § 200; Ins. Code, § 4010 et seq.).1 The initial capitalization for the mutual insurer will be provided by two or more local public 1 "A `mutual' insurer is an insurance corporation without capital stock owned by its policyholders collectively .”

SNC-Lavalin Constructors, Inc. v. Tokio Marine Kiln Ins. Ltd. (D. Maryland 2021). “031 (defining a mutual insurer as “an incorporated insurer without permanent capital stock”); Cal. Ins. Code § 4010 (“A ‘mutual’ insurer is an insurance corporation without capital stock owned by its policyholders collectively[.”

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