(a) The license of an organization licensed as a property broker-agent, casualty broker-agent, or life agent shall become inoperative upon the removal or termination of the last natural person named thereon, pursuant to Section 1656.

(b) Unless the license is reactivated by the correction of all deficiencies including, if necessary, the adding of a natural person to transact insurance under the authority of the organization’s license pursuant to Section 1661, the license shall not be renewed.

Terms Used In California Insurance Code 1712.5

  • Casualty broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5
  • license: includes a certificate of convenience and a permanent license, and the term "persons who are licensed" includes the holders of any such certificate or the license, but these definitions and the use of those terms in this chapter shall not confer upon a certificate of convenience or any holder thereof any property right in or to the certificate, the certificate being and remaining only a temporary permit, issued as a matter of convenience, allowing the transaction of insurance without a permanent license, but within the limits, and subject to the conditions of the certificate of convenience issued and the laws applicable thereto. See California Insurance Code 1627
  • organization: means any legal entity other than a natural person. See California Insurance Code 1628
  • Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
  • Property broker-agent: means a person licensed pursuant to Section 1625. See California Insurance Code 33.5

(Amended by Stats. 2017, Ch. 417, Sec. 18. (AB 1696) Effective January 1, 2018.)

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