AB 1416 Summary

• Replaces references to "fire and casualty broker-agent" with separate "property broker-agent" and "casualty broker-agent" designations; individuals licensed for both types are required to obtain only one $10,000 bond instead of separate bonds.

• Extends requirements for filing document changes with the Insurance Commissioner to domestic insurers and makes those requirements applicable to foreign or alien insurers upon request.

• Expands authorized workers' compensation depositories to include banks domiciled in California with principal place of business in the state, or national banking associations with a trust office in California.

• Permits nonresident applicants for organizational insurance licenses to name persons from any state other than California and allows additional endorsed persons to be California residents.

• Authorizes personal lines broker-agents and limited lines automobile insurance agents to act as insurance solicitors; extends market conduct examination publication period from 10 to 20 business days and allows electronic transmittal of adopted reports.