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The Independent Insurance Agents and Brokers of California Board of Directors established a Legal Defense Fund to provide a ready source of funds to protect the common business interests of the membership when threatened.
Legal Defense Fund proceeds may be used to pay legal fees and related costs to outside law firms as well as to recover expenses for in-house legal costs and services associated with defending the members’ interests in the matter at hand.
Expenditures for threats resulting from litigation, regulation, legislation or referendum must be approved by majority vote of the Board of Directors or by a unanimous vote of the Executive Committee acting in its behalf between meetings. Expenditures from the Legal Defense Fund for any other purpose must be approved by majority vote of the Board of Directors.
Contributions to the Legal Defense Fund may not be used to participate in a political campaign for public office nor in connection with any attempt to influence the general public with respect to legislation or initiative.
The Legal Defense Fund shall be maintained in a Segregated Funds Investment Account established for this purpose and interest earned thereon shall be added to the fund balance.
There have been at least four major uses of the LDF over the last 20 years:
Not one dollar of the LDF has ever been used on a political campaign—either involving a candidate or an initiative—nor will it ever be.