California Insurance Code 1768 – A resident surplus line broker shall keep in this state complete …
A resident surplus line broker shall keep in this state complete records of the business transacted by him or her for California home state insureds with nonadmitted insurers under his or her license as a surplus line broker including all of the following documentation for each policy:
(a) Verification that the insured is a California home state insured.
Terms Used In California Insurance Code 1768
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Resident: means residing in this State, "nonresident" means not residing in this State. See California Insurance Code 30
- State: means the State of California, unless applied to the different parts of the United States. See California Insurance Code 28
- 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 Insurance Code 47
(b) Verification that the commercial insured or industrial insured qualifies for the provisions of this code.
(c) Whether or not it is a single state policy or multistate policy.
(d) Where allocation of premium to the states is required, data necessary to make that allocation. A nonresident surplus line broker shall keep in the state where he or she is licensed as a resident surplus line broker complete records of the business transacted by him or her for California home state insureds with nonadmitted insurers under his or her California nonresident surplus line broker license, including subdivisions (a) to (d), inclusive. The commissioner may waive or modify any of the foregoing requirements by issuance of a notice published on the department’s Internet Web site.
(Amended by Stats. 2012, Ch. 162, Sec. 108. (SB 1171) Effective January 1, 2013.)