§ 1665. — 1665. (Amended by Stats. 2011, Ch. 411, Sec. 16.)

California § 1665.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 1.: DIVISION 1. GENERAL RULES GOVERNING INSURANCE
• Part 2.: PART 2. THE BUSINESS OF INSURANCE
• Ch. 5.: CHAPTER 5. Production Agencies
• Art. 5.: ARTICLE 5. Bonds

Text

The bond of a property broker-agent and a casualty broker-agent shall be in the amount of ten thousand dollars ($10,000). Individuals and organizations licensed for both property and casualty are only required to obtain one ten-thousand-dollar ($10,000) bond to act as a broker. The bond shall be contingent on the accounting by the property broker-agent or the casualty broker-agent to any person requesting insurance, for moneys or premiums collected by the property broker-agent or the casualty broker-agent when acting as a broker for insurance other than life.

Legislative History

Amended by Stats. 2011, Ch. 411, Sec. 16. (AB 1416) Effective January 1, 2012.