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2021 California Code
Insurance Code - INS
DIVISION 1 - GENERAL RULES GOVERNING INSURANCE
PART 2 - THE BUSINESS OF INSURANCE
CHAPTER 5 - Production Agencies
ARTICLE 5 - Bonds
Section 1665.
Universal Citation:
CA Ins Code § 1665 (2021)
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1665.
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.
(Amended by Stats. 2011, Ch. 411, Sec. 16. (AB 1416) Effective January 1, 2012.)
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