AB 2303 Summary

• Prohibits mortgage insurance from being offered as an insurance product in California, removing it from the list of allowable insurance classes.

• Modernizes insurer liquidation procedures by eliminating specific publication requirements in favor of publishing in pertinent geographic areas with online resources, and allows the Federal Deposit Insurance Corporation to file liquidation applications under federal Dodd-Frank Act provisions.

• Establishes crop insurance adjuster license category requiring completion of Federal Crop Insurance Corporation training curriculum without needing the standard insurance adjuster exam.

• Increases bail agent license exam eligibility from 12 to 20 hours of classroom education and expands curriculum board to include bail agents and insurance adjusters.

• Allows nonresidents to obtain surplus line broker licenses by proving competency through property and casualty licenses in their home state, and permits nonresident variable contract authority licenses with a $64 fee.