California Insurance Code

§ 10505

INS § 10505Div. 2 · Part 2 · Ch. 5 · Art. 4

Statute text

(a)A labor union having all of the following characteristics is exempt from the provisions of this code relating to life and disability insurance in respect to the benefits herein specified and transactions connected therewith:

(1)It is organized for the purpose of collective bargaining concerning grievances, labor disputes, wages, rates of pay, hours of employment, or conditions of work and for the mutual benefit of its members and not for profit.

(2)Either (A) it does not issue policies but provides for payment of those benefits in its bylaws, constitution, or rules and regulations; or (B) it is composed of members of one craft or industry or allied craft or industries.

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Legislative history

Amended by Stats. 1988, Ch. 582, Sec. 1.