The California Department of Insurance (CDI) is accepting applications for a new insurance license, which is required for vendors selling communications equipment, such as mobile phones, pagers and PDAs.
Assembly Bill 2856, which passed by the legislature and was signed by the Governor in 2002, authorized the creation of a new type of insurance license to ensure vendors selling specialized insurance products are knowledgeable about the products and properly inform consumers of the protection and limitations in the policies purchased.
“These products are often marketed heavily to consumers at the point of sale for their mobile phone and service contract. The license requirement will help ensure that consumers are properly protected with required disclosures and information regarding coverage,” said Insurance Commissioner John Garamendi.
To receive the two-year license, the applicant agent must be appointed by a licensed insurance company, receive mandatory product training, and pay a $225 fee.
Topics California
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