California Insurance Code

§ 12744

INS § 12744 Effective Jan 1, 2015Div. 2 · Part 7 · Ch. 1

Statute text

(a)No person shall issue or offer to issue home protection contracts in this state unless the person holds a home protection company license issued by the department, except as provided in subdivision (b) of this section.

(b)An insurer admitted for the class of insurance defined in Section 120 is authorized, in addition to the underwriting powers granted by the class, to issue home protection contracts, but the provisions of this part shall not be otherwise applicable to those insurers or their contracts.

(c)No license shall be granted to a foreign applicant that has not fulfilled the requirements of Sections 716 and 717. For purposes of this part, the term “class of insurance” as used in said sections shall mean the business of a home protection company. This section shall not prohibit the admission of a foreign home protection company that has actively transacted home protection business in its state of domicile for three years or more.

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Legislative history

Amended by Stats. 2014, Ch. 324, Sec. 1. (AB 1130) Effective January 1, 2015.