Tuesday, September 27, 2022

California governor indicators insurance coverage payments

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California Gov. Gavin Newsom signed insurance coverage payments that may have an effect on insurance coverage agent licensing and bonding procedures.

S.B. 1242 requires necessary coaching that brokers and brokers should full to obtain or renew a license, together with at the least one hour of research on insurance coverage fraud. The regulation additionally requires them to report suspected fraudulent purposes for protection to the Division of Insurance coverage and to report back to the insurer suspected fraud on an energetic coverage.

A.B. 2154 goals to simplify the bonding authority for California Insurance coverage Assure Affiliation, the state’s backstop towards bancrupt insurers, and gives a statutory mechanism for CIGA to impose a surcharge on new licensees and present licensees that start writing a brand new line of enterprise.

The CIGA board of administrators is required to report particular info to insurance coverage committees in each the Senate and Meeting upon request if the board asks the California Infrastructure and Financial Improvement Financial institution to challenge bonds to pay declare obligations.

WorkCompCentral is a sister publication of Enterprise Insurance coverage. Extra tales right here.


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