Yesterday, California Insurance Commissioner John Garamendi issued a press release briefly outlining proposed changes to his regulations regarding broker fiduciary duties (see Garamendi Unveils New Broker Disclosure Regulations). Insurance Journal has obtained a copy of the actual language of the proposed regulations that can be viewed here.
The Department of Insurance issued a 15-day notice and invited public comment on the changes to the proposed broker fiduciary duty regulations. The notice contained the following:
“On October 18, 2004, the Insurance Commissioner issued a Notice of Proposed Rulemaking regarding the fiduciary duties insurance salespeople owe consumers. The regulation would add Article 5.9 to Title 10, Chapter 5, Subchapter 1 of the California Code of Regulations.
“The Commissioner has changed sections 2184.1 – 2184.4 of the proposed regulation, and added section 2184.5. These changes sufficiently relate to the original text that the public was adequately placed on notice that the change could result from the originally proposed regulatory action. Accordingly, pursuant to California Government Code section 11346.8(c), the Commissioner is making these changes available for public comment.
“A copy of the proposed sections to be revised, with the proposed changes clearly indicated, will be available for public comment and inspection for at least 15 days before the proposed action is adopted. Deletions are indicated in strikethrough; additions are underlined.
“Written comments on the revisions must be received no later than 5 p.m. on May 2, 2005.”
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