Submitted to electors by referendum. Prohibits any subsidiary corporation, agent, or employee of or person or corporation controlled by, any bank organized under laws of California or of any state in the United States, from acting as general agent or department manager of any insurance company transacting business in California, and prescribes conditions under which they may act as local agent therefor; declares appointment of life, health and accident, title, or county mutual insurance agents, or of any insurance agent in or for any place having population not exceeding five thousand, unaffected hereby; and prescribes penalties.
Popular Vote Results
Y: 308062; A: 48.4; N: 328115; B: 51.6
Burt L. Davis
James A. Bacigalupi
INSURANCE ACT California Proposition 14 (1920).