California Insurance Code

§ 1665

INS § 1665 Effective Jan 1, 2012Div. 1 · Part 2 · Ch. 5 · Art. 5

Statute 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.