The California State Legislature has passed a bill that makes several technical changes to various California insurance code sections pertaining to agent licensing, training and previously enacted legislation.
Assembly Bill 1416, which garnered unanimous support, was sponsored by the California Department of Insurance and authored by the Assembly Committee on Insurance.
‘This bill will ensure that needed clarifications of the California insurance code are made in an effort to improve and streamline the department’s operations,’ California Insurance Commissioner Dave Jones said in a statement.
Issues addressed by AB 1416 include: Variable Contract Authority; cleanup to certain chapters of previously enacted legislation; market conduct examination reports; clarification of articles of incorporation for licensees; clarification of bond requirements for property and casualty licenses regarding AB 2782 (Chapter 400, Statutes of 2010).
The bill awaits the signature of California Gov. Edmund G. Brown.