Section 5050.1 Of Article 1. Formation And Organization From California Insurance Code >> Division 2. >> Part 1. >> Chapter 5. >> Article 1.

. If such persons have not performed all acts and secured all agreements necessary to complete the incorporation of such insurer within one year from the date of their first securing an agreement from any person, all proceedings and agreements in connection with such incorporation shall become null and void and all persons entering into such agreements shall be released therefrom.