California Insurance Code

§ 1623

INS § 1623 Effective Jan 1, 2011Div. 1 · Part 2 · Ch. 5 · Art. 1

Statute text

(a)An insurance broker is a person who, for compensation and on behalf of another person, transacts insurance other than life, disability, or health insurance with, but not on behalf of, an admitted insurer. It shall be presumed that the person is acting as an insurance broker if the person is licensed to act as an insurance broker, maintains the bond required by this chapter, and discloses, in a written agreement signed by the consumer, all of the following:

(1)That the person is transacting insurance on behalf of the consumer.

(2)A description of the basic services the person will perform as a broker.

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Legislative history

Amended by Stats. 2010, Ch. 400, Sec. 7. (AB 2782) Effective January 1, 2011.