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California governor signs insurance bills



California Governor Gavin Newsom signed insurance bills that will affect insurance agent licensing and bonding procedures.

SB 1242 requires mandatory training that agents and brokers must complete to obtain or renew a license, including at least one hour of insurance fraud study. The law also requires them to report suspected fraudulent applications for coverage to the Department of Insurance and to report to the insurer suspected fraud on an active policy.

AB 2154 seeks to simplify the binding authority of the California Insurance Guarantee Association, the state’s backstop against insolvent insurers, and provides a statutory mechanism for CIGA to impose a surcharge on new licensees and current licensees who begin writing a new line of business.

CIGA̵

7;s board is required to report specific information to the insurance committees of both the Senate and the Assembly upon request if the board asks the California Infrastructure and Economic Development Bank to issue bonds to pay the claim.

WorkCompCentral is a sister magazine to Business Insurance. More stories here.


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