A property broker-agent, casualty broker-agent, or surplus line broker may offset funds due an insured for return premiums on any policy against amounts due him or her from the same insured for unpaid premiums on the same or any other policy. Any insurer may pay return premiums to any property broker-agent or any casualty broker-agent for that purpose. This section shall not invalidate an assignment of return premium made concurrently with policy issuance as security for financing that premium, nor the right of the assignee, or his or her assign, to enforce the assignment as a prior claim.
(Amended by Stats. 2011, Ch. 411, Sec. 34. (AB 1416) Effective January 1, 2012.)
Terms Used In California Insurance Code 1735.5
- Casualty broker-agent: means a person licensed pursuant to Section 1625. See California Education Code 32061
- Property broker-agent: means a person licensed pursuant to Section 1625. See California Education Code 32061
- Surplus line broker: means a person licensed under Section 1765 and authorized to do business under Chapter 6 (commencing with Section 1760) of Part 2 of Division 1. See California Education Code 32224