A licensee shall not be required to treat moneys collected from renters purchasing insurance, pursuant to this article, as funds received in a fiduciary capacity if the insurer represented by the licensee has provided in writing that the funds need not be segregated from funds received by the rental car company on account of vehicle rental and the charges for insurance coverage are itemized and incorporated as part of the rental agreement.

(Added by Stats. 1999, Ch. 618, Sec. 1. Effective January 1, 2000.)

Terms Used In California Insurance Code 1758.861

  • Fiduciary: A trustee, executor, or administrator.
  • licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
  • Rental agreement: means any written agreement setting forth the terms and conditions governing the use of a vehicle provided by the rental car company. See California Insurance Code 1758.89
  • Rental car company: means any person in the business of renting vehicles to the public. See California Insurance Code 1758.89
  • vehicle: means a motor vehicle operated by a driver who is not required to possess a commercial driver's license to operate the motor vehicle and the motor vehicle is either of the following:

    California Insurance Code 1758.89

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