A property broker-agent, a casualty broker-agent, and a personal lines broker-agent shall, prior to acting in the capacity of an insurance broker, file with the commissioner and continuously maintain in force the bond required by this article. Any authority to act as broker shall automatically terminate immediately upon there being no bond in force.
(Amended by Stats. 2017, Ch. 417, Sec. 14. (AB 1696) Effective January 1, 2018.)
Such bond shall be duly executed by an admitted surety insurer, shall be continuous in form, and shall be in favor of the people of the State of California.
(Repealed and added by Stats. 1959, Ch. 4.)
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.)