The California Department of Insurance sent out a reminder a few weeks ago reminding all insurance licensees that they will be ringing in the New Year with a 10 percent fee increase, the American Agents Alliance said in its newsletter.
In the memo, the CDI stated: “under California law, the Department is authorized to increase the fees contained in the Insurance Code to provide sufficient revenue to fund the appropriation authorized by the annual Budget Act. This action was initiated to allow the CDI to balance revenues and expenditures in Fiscal Year 2004-05 and to allow the Department to continue its efforts to improve licensing services to producers and insurers.”
Some examples of the fee increases: Fire/casualty broker-agent license and renewal will increase from $65 to $72 annually, a notice of appointment and termination of appointment will now cost insurers $24, up from $22, and a personal lines broker-agent will pay $72 a year instead of the $65 he or she now pays.
For a complete list of fee increases, visit the Department’s Web site.
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