AB 2782 Summary

• Prohibits insurance agents, brokers, and solicitors from transacting in disability, health, and 24-hour care coverage in addition to existing restrictions on life insurance.

• Splits the fire and casualty broker-agent license into separate property and casualty broker-agent licenses, each requiring a minimum of 20 hours of prelicensing study (down from 40 hours combined) and 24 hours of continuing education prior to renewal.

• Modifies reporting requirements for insurers writing liability insurance for long-term health care and residential care facilities for the elderly, removing the July 1 deadline and allowing reports at commissioner's discretion not more than once per calendar year.

• Authorizes the Insurance Commissioner to issue restricted licenses to business entities without a hearing when a controlling person holds a restricted license, with provisions for reconsideration requests.

• Changes bail licenses from annual renewal to biennial renewal effective January 1, 2011, and makes various technical updates to insurance adjuster and public adjuster license expiration dates and continuing education requirements.