California Insurance Code 1649.5 – Notwithstanding Section 1642, an insurer may own or control, whether …
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Notwithstanding Section 1642, an insurer may own or control, whether directly or indirectly, a separate entity licensed under this chapter as a property broker-agent, casualty broker-agent, or life agent as defined in Section 1621, 1622, or 1623, respectively. Insurance transacted by a property broker-agent or a casualty broker-agent with and on behalf of the owning or controlling insurer shall be in its capacity as an insurance agent.
(Amended by Stats. 2011, Ch. 411, Sec. 13. (AB 1416) Effective January 1, 2012.)
Terms Used In California Insurance Code 1649.5
- Casualty broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
- insurance agent: as used in this chapter does not include a life agent as defined in this article. See California Insurance Code 1621
- Property broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5