ID S1226

Increases the maximum premium cap for errors and omissions insurance required for actively licensed real estate agents from $200 to $250 per year per licensee.

Maintains the commission's authority to contract with an insurance provider through competitive sealed bidding to make coverage available to licensees.

Allows licensees to independently obtain errors and omissions insurance if it meets minimum requirements established by the commission.

Permits the commission to charge an administrative fee not to exceed $10.00 per licensee in addition to the premium cost.

If the commission cannot obtain coverage at a reasonable premium not exceeding $250 per year per licensee, the insurance requirement becomes void during that contract period.