BILL NUMBER: AB 1391 INTRODUCED
BILL TEXT
INTRODUCED BY Committee on Insurance
MARCH 4, 2013
An act to amend Sections 662, 739.3, 985, 1011, 1011.1, 1012,
1016, 1070.6, 1624, 1675, 1749.8, 1758.3, 1872.87, and 14090.1 of,
and to repeal Section 668.5 of, the Insurance Code, relating to
insurance.
LEGISLATIVE COUNSEL'S DIGEST
AB 1391, as introduced, Committee on Insurance. Insurance:
omnibus.
(1) Existing law provides that no cancellation of a motor vehicle
insurance policy, not subject to certain cancellation protections
because it has been in effect less than 60 days, is effective unless
a notice of cancellation, subject to certain notice provisions, is
mailed or delivered by the insurer to the named insured not later
than the 59th day following the effective date and at least 10 days
prior to the effective date of cancellation. Existing law also
provides no notice of cancellation of a motor vehicle insurance
policy, where the cancellation is based on, among other things,
nonpayment of premium, is effective unless mailed or delivered by the
insurer to the named insured, lienholder, or additional interest at
least 20 days prior to the effective date of cancellation, except as
specified.
This bill would delete the requirements for cancellation of a
motor vehicle insurance policy less than 60 days old, and would apply
the requirements regarding notice of cancellation for nonpayment of
premiums, and other specified reasons, to all cancellation
circumstances.
(2) Existing law requires every life agent who sells annuities to
satisfactorily complete 8 hours of training prior to soliciting
individual consumers, and requires every life agent who sells
annuities to satisfactorily complete 4 hours of training prior to
each license renewal.
This bill would clarify the completion of an 8-hour training
requirement to initially procure a license to sell annuities does not
satisfy the requirement to complete a 4-hour training course in
order to renew the annuity license.
(3) Existing law prohibits the Insurance Commissioner from
granting authority to transact variable contracts unless the life
agent or applicant furnishes proof that he or she is registered to
sell securities in accordance with the rules of the United States
Securities and Exchange Commission or the Financial Industry
Regulatory Authority.
This bill would make clear that the life agent or applicant is
required furnish proof that he or she is registered to sell
securities in California in accordance with the rules of the United
States Securities and Exchange Commission or the Financial Industry
Regulatory Authority.
(4) Existing law requires an individual holding an insurance
adjuster license, not otherwise exempt, to complete a minimum of 24
hours of continuing education courses, as specified.
This bill would authorize an exemption from the continuing
education requirements for an individual licensed as an insurance
adjuster and as a property or casualty broker-agent who has met other
specified continuing education requirements.
(5) Existing law defines an insurance solicitor as a natural
person employed to aid an insurance agent or insurance broker in
transacting insurance other than life.
This bill would add disability and health insurances to that
definition.
(6) Existing law provides that a nonresident licensee who applies
for a property broker-agent, casualty broker-agent, personal lines
broker-agent, or life agent resident license in this state, and who
is currently licensed for the same lines of authority in the state of
his or her current resident license, is not required to complete an
examination. The application for examination is required to be
received within 90 days of the cancellation of the applicant's
resident license and the producer database records, maintained by the
National Association of Insurance Commissioners, are required to
indicate that the producer is licensed in good standing for the line
of authority requested.
This bill would provide that upon issuance of the California
resident license, the examination waiver also applies to adding
additional lines of authority to the California resident license
provided that the individual was previously licensed in good standing
for the requested additional lines of authority, and the application
is received within 12 months of the cancellation of the applicant's
previous resident license in another state.
(7) This bill would make technical, conforming, and clarifying
changes, and delete obsolete provisions.
Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. Section 662 of the Insurance Code is amended to read:
662. (a) No A notice of
cancellation of a policy to which Section 661 applies
shall not be effective unless mailed or
delivered by the insurer to the named insured, lienholder, or
additional interest at least 20 days prior to the effective date of
cancellation; provided, however, that where cancellation is for
nonpayment of premium, at least 10 days' notice of cancellation
accompanied by the reason therefor for the
cancellation shall be given. Unless the reason accompanies or
is included in the notice of cancellation, the notice of cancellation
shall state or be accompanied by a statement that upon written
request of the named insured, mailed or delivered to the insurer not
less than 15 days prior to the effective date of cancellation, the
insurer will specify the reason for such the
cancellation.
(b) This section shall not apply to nonrenewal.
(c) Notices made to lienholders pursuant to this section may be
done electronically with the consent of the lienholder.
SEC. 2. Section 668.5 of the Insurance Code is repealed.
668.5. No cancellation of a policy or coverage of insurance
subject to this chapter but not subject to Section 661 or 662
(because it has been in effect less than 60 days) shall be effective
unless a notice of cancellation subject to Sections 664 and 665, when
applicable, but not to any other provision of this chapter, be
mailed or delivered by the insurer to the named insured not later
than the 59th day following its effective date and at least 10 days
prior to the effective date of cancellation.
SEC. 3. Section 739.3 of the Insurance Code is amended to read:
739.3. (a) "Company Action Level Event" means any of the
following events:
(1) The filing of an RBC Report by an insurer that indicates any
of the following:
(A) The insurer's Total Adjusted Capital is greater than or equal
to its Regulatory Action Level RBC but less than its Company Action
Level RBC.
(B) If a life or health insurer, the insurer has Total Adjusted
Capital that is greater than or equal to its Company Action Level RBC
but less than the product of its Authorized Control Level RBC and
2.5, and has a negative trend.
(C) If a property and casualty insurer, the insurer has Total
Adjusted Capital that is greater than or equal to its Company Action
Level RBC but less than the product of its Authorized Control Level
RBC and 3.0, and triggers the trend test determined in accordance
with the trend test calculation included in the Property and Casualty
RBC instructions.
(2) The notification by the commissioner to the insurer of an
Adjusted RBC Report that indicates the event in subparagraph
(A) or (B) of paragraph (1), provided that the insurer
does not challenge the Adjusted RBC Report under Section 739.7.
(3) If the insurer challenges , under Section 739.7, an
Adjusted RBC Report that indicates the event in
subparagraph (A) or (B) of paragraph (1) under Section 739.7
paragraph (1) , the notification by the
commissioner to the insurer that the commissioner has, after a
hearing, rejected the insurer's challenge.
(b) In the event of a Company Action Level Event, the insurer
shall prepare and submit to the commissioner a comprehensive
financial plan , which that shall do
all of the following:
(1) Identify the conditions in the insurer that contribute to the
Company Action Level Event.
(2) Contain proposals of corrective actions that the insurer
intends to take and would be expected to result in the elimination of
the Company Action Level Event.
(3) Provide projections of the insurer's financial results in the
current year and at least the four succeeding years, both in the
absence of proposed corrective actions and giving effect to the
proposed corrective actions, including projections of statutory
operating income, net income, capital, or surplus, or a combination.
The projections for both new and renewal business may include
separate projections for each major line of business and separately
identify each significant income, expense, and benefit component.
(4) Identify the key assumptions impacting the insurer's
projections and the sensitivity of the projections to the
assumptions.
(5) Identify the quality of, and problems associated with, the
insurer's business, including, but not limited to, its assets,
anticipated business growth and associated surplus strain,
extraordinary exposure to risk, mix of business, and use of
reinsurance in each case, if any.
(c) The RBC Plan shall be submitted as follows:
(1) Within 45 days of the Company Action Level Event.
(2) If the insurer challenges an Adjusted RBC Report pursuant to
Section 739.7, within 45 days after notification to the insurer that
the commissioner has, after a hearing, rejected the insurer's
challenge.
(d) Within 60 days after the submission by an insurer of an RBC
Plan to the commissioner, the commissioner shall notify the insurer
whether the RBC Plan shall be implemented or is, in the judgment of
the commissioner, unsatisfactory. If the commissioner determines that
the RBC Plan is unsatisfactory, the notification to the insurer
shall set forth the reasons for the determination, and may set forth
proposed revisions that will render the RBC Plan satisfactory, in the
judgment of the commissioner. Upon notification from the
commissioner, the insurer shall prepare a Revised RBC Plan, which may
incorporate by reference revisions proposed by the commissioner, and
shall submit the Revised RBC Plan to the commissioner as follows:
(1) Within 45 days after the notification from the commissioner.
(2) If the insurer challenges the notification from the
commissioner under Section 739.7, within 45 days after a notification
to the insurer that the commissioner has, after a hearing, rejected
the insurer's challenge.
(e) In the event of a notification by the commissioner to an
insurer that the insurer's RBC Plan or Revised RBC Plan is
unsatisfactory, the commissioner may, at his or her discretion,
subject to the insurer's right to a hearing under Section 739.7,
specify in the notification that the notification constitutes a
Regulatory Action Level Event.
(f) Every domestic insurer that files an RBC Plan or Revised RBC
Plan with the commissioner shall file a copy of the RBC Plan or
Revised RBC Plan with the insurance commissioner in any state in
which the insurer is authorized to do business if both of the
following apply:
(1) That state has an RBC provision substantially similar to
subdivision (a) of Section 739.8.
(2) The insurance commissioner of that state has notified the
insurer of its request for the filing in writing, in which case the
insurer shall file a copy of the RBC Plan or Revised RBC Plan in that
state no later than the later of:
(A) Fifteen days after the receipt of notice to file a copy of its
RBC Plan or Revised RBC Plan with the state.
(B) The date on which the RBC Plan or Revised RBC Plan is filed
under subdivision (c) of Section 739.7.
SEC. 4. Section 985 of the Insurance Code is amended to read:
985. (a) On or after January 1, 1970, as used in this article and
in paragraph (9) of subdivision (a)
subdivision (i) of Section 1011, "insolvency" means either of
the following:
(1) Any impairment of minimum "paid-in capital" or "capital paid
in," as defined in Section 36, required in the aggregate of an
insurer by the provisions of this code for the class, or classes, of
insurance that it transacts anywhere.
(2) An inability of the insurer to meet its financial obligations
when they are due.
(b) On or after January 1, 1970, an insurer cannot escape the
condition of insolvency by being able to provide for all its
liabilities and for reinsurance of all outstanding risks. An insurer
must also be possessed of additional assets equivalent to the
aggregate "paid-in capital" or "capital paid in" required by this
code after making provision for all those liabilities and for that
reinsurance.
(c) On or after October 1, 1967, as used in this code provision
for reinsurance of all outstanding risks and "gross premiums without
any deduction, received and receivable upon all unexpired risks"
means the greater of: (1) the aggregate amount of actual unearned
premiums, or (2) the amount reasonably estimated as being required to
reinsure in a solvent admitted insurer the unexpired terms of the
risks represented by all outstanding policies.
(d) On or after October 1, 1967, an insurer shall make provision
for reinsurance of the outstanding risk on policies that provide
premiums that are fully earned at inception and on policies that for
any other reason do not provide for a return premium to the insured
on cancellation prior to expiration.
(e) On or after October 1, 1967, the commissioner shall prescribe
standards for reasonably estimating the amount required to reinsure
that will provide adequate safeguards for the policyholders,
creditors, and the public.
(f) On or after October 1, 1967, this section shall not be
applicable to life, title, mortgage, or mortgage guaranty insurers.
(g) In the application of this section to disability insurance, as
defined in Section 106, reserves for unearned premiums and amounts
reasonably estimated as required to reinsure outstanding risks shall
be determined in accordance with the provisions of Section 997.
SEC. 5. Section 1011 of the Insurance Code is amended to read:
1011. (a) The superior
court of the county in which the principal office of a person
described in Section 1010 is located, upon the filing by the
commissioner of the verified application showing any of the
conditions in this subdivision exist, or a filing by the Federal
Deposit Insurance Corporation of the verified application showing
that the conditions enumerated in subdivision (b)
(j) exist and the conditions set forth in Section 5383(e)
(3) of Title 12 of the United States Code having been satisfied,
shall issue its order vesting title to all of the assets of that
person, wheresoever situated, in the commissioner or his or her
successor in office, in his or her official capacity, and direct the
commissioner forthwith to take possession of all of its books,
records, property, real and personal, and assets, and to conduct, as
conservator, the business of the person, or so much thereof as to the
commissioner may seem appropriate, and enjoining the person and its
officers, directors, agents, servants, and employees from the
transaction of its business or disposition of its property until any
of the following further order of the court:
(1)
(a) That the person has refused to submit its books,
papers, accounts, or affairs to the reasonable inspection of the
commissioner or his or her deputy or examiner.
(2)
(b) That the person has neglected or refused to observe
an order of the commissioner to make good within the time prescribed
by law any deficiency in its capital if it is a stock corporation,
or in its reserve if it is a mutual insurer.
(3)
(c) That the person, without first obtaining the
consent in writing of the commissioner, has transferred, or attempted
to transfer, substantially its entire property or business or,
without consent, has entered into any transaction the effect of which
is to merge, consolidate, or reinsure substantially its entire
property or business in or with the property or business of any other
person.
(4)
(d) That the person is found, after an examination, to
be in such a condition that makes
its further transaction of business will be hazardous to its
policyholders, or creditors, or to the public.
(5)
(e) That the person has violated its charter or any law
of the state.
(6)
(f) That any officer of the person refuses to be
examined under oath, touching its affairs.
(7)
(g) That any officer or attorney in fact of the person
has embezzled, sequestered, or wrongfully diverted any of the assets
of the person.
(8)
(h) That a domestic insurer does not comply with the
requirements for the issuance to it of a certificate of authority, or
that its certificate of authority has been revoked.
(9)
(i) That the last report of examination of any person
to whom the provisions of this article apply shows the person to be
insolvent within the meaning of Article 13 (commencing with Section
980) of Chapter 1 of Part 2 of Division 1; or if a reciprocal or
interinsurance exchange, within the applicable provisions of Section
1370.2, 1370.4, 1371, or 1372; or if a life insurer, within the
applicable provisions of Sections 10510 and 10511.
(b)
(j) Notification is given by the United States
Secretary of the Treasury that a determination has been made by the
secretary, in accordance with and satisfying the provisions of
Section 5383(b) of Title 12 of the United States Code, as to a person
described in Section 1010 that is an insurance company as defined in
Section 5381(a)(13) of Title 12 of the United States Code, and one
of the following:
(1) The board of directors, or body performing similar functions,
of the person acquiesces or consents to the appointment of a receiver
as provided for in Section 5832(a)(1)(A)(i) of Title 12 of the
United States Code, with that consent to be considered to be consent
to issuance of an order under this section.
(2) The United States District Court for the District of Columbia
issued an order for the appointment of a receiver of the person as
provided for in Section 5382(a)(1)(A)(iv)(I) of Title 12 of the
United States Code, without regard to whether an appeal of the order
is pending.
(3) A petition by the United States Secretary of the Treasury for
appointment of a receiver was made to the United States District
Court for the District of Columbia and was granted by operation of
the law as provided for in Section 5382(a)(1)(A)(v) of Title 12 of
the United States Code, without regard to whether an appeal of the
order is pending.
SEC. 6. Section 1011.1 of the Insurance Code is amended to read:
1011.1. If a verified application is filed pursuant to Section
1011 that shows that the conditions set forth in subdivision
(b) (j) of Section 1011 exist and upon a
showing that notice was provided to the person that is the subject of
the verification application, all of the following apply:
(a) A superior court hearing shall be held in which the person may
oppose the verified application solely on the grounds that the
conditions set forth in subdivision (b) (j)
of Section 1101 do not exist. The hearing shall be completed
within 24 hours after the verified application is filed with the
court.
(b) The superior court shall issue an order as provided for in
Section 1011 within 24-hours after the verified application was filed
with the court.
(c) If the superior court does not issue an order within 24 hours
as provided for in subdivision (b), then an order described in
subdivision (a) of Section 1011 shall be deemed
granted by operation of law upon expiration of the 24-hour period,
without further notice.
(d) An order entered by the superior court pursuant to subdivision
(b) or entered by operation of law pursuant to subdivision (c) shall
not be subject to any stay or injunction pending appeal.
SEC. 7. Section 1012 of the Insurance Code is amended to read:
1012. Except in the case of an order issued based on a verified
application showing the conditions in subdivision (b)
(j) of Section 1011 to exist, the order shall
continue in force and effect until, on the application either of the
commissioner or of that person, it shall, after a full hearing,
appear to the court that the ground for the order directing the
commissioner to take title and possession does not exist or has been
removed and that the person can properly resume title and possession
of its property and the conduct of its business.
SEC. 8. Section 1016 of the Insurance Code is amended to read:
1016. (a) If at any time after the issuance of an order under
Section 1011, or if at the time of instituting any proceeding under
this article, including under Section 1011, it shall appear to the
commissioner that it would be futile to proceed as conservator with
the conduct of the business of that person, he or she may apply to
the court for an order to liquidate and wind up the business of the
person. Upon a full hearing of that application, the court may make
an order directing the winding up and liquidation of the business of
that person by the commissioner, as liquidator, for the purpose of
carrying out the order to liquidate and wind up the business of that
person.
(b) Notwithstanding subdivision (a), the court may issue an order
to liquidate and wind up the business of a person as to whom a
verified application is filed pursuant to subdivision (b)
(j) of Section 1011 based solely on the verified
application and hearing as provided for in subdivision (a) of Section
1011.1, without further hearing, or may issue an order to liquidate
and wind up the business of the person upon application by the
commissioner after the issuance of an order under Section 1011. The
court's order may direct the winding up and liquidation of the
business of the person by the commissioner, as liquidator, for the
purpose of carrying out the order to liquidate and wind up the
business of the person.
SEC. 9. Section 1070.6 of the Insurance Code is amended to read:
1070.6. The withdrawal procedure and fees prescribed by this
article shall not be required of a nonsurviving admitted constituent
to a merger or consolidation into another admitted insurer in
accordance with the applicable statutes and the commissioner's prior
written consent given pursuant to paragraph (3) of
subdivision (a) subdivision (c) of Section 1011,
provided the commissioner is satisfied by documents, authenticated
so as to be admissible in evidence over objection, filed with him
or her , that:
(a) The constituent has discharged all of its liabilities to
residents of this state in the manner provided by Section 1071.5;
(b) There will be an admitted insurer directly available to the
constituent's policyholders: (1) to obtain policy changes and
endorsements, (2) to receive payment of premiums and refund unearned
premiums, (3) to serve notice of claim, proof of loss, summons,
process, and other papers, and (4) for purposes of suit;
(c) The constituent shall timely file with the commissioner
appropriate financial statements reporting its insurance business
done in this state during the calendar year of the merger or
consolidation and all appropriate tax returns required by law for the
period, and shall timely pay all taxes found to be due on account of
the business; and
(d) The constituent has surrendered its current California
certificate of authority to the commissioner for cancellation as of
the effective date of the merger.
The withdrawal procedure and fees prescribed by this article shall
not be required of an insurer that has been liquidated by a final
order of a court of record of this or any sister state provided a
certified copy of the order reciting the fact of liquidation and
discharge of all obligations has been filed with the commissioner.
SEC. 10. Section 1624 of the Insurance Code is amended to read:
1624. An insurance solicitor is a natural person employed to aid
an insurance agent or insurance broker in transacting insurance other
than life , disability, or health .
SEC. 11. Section 1675 of the Insurance Code is amended to read:
1675. Except as provided in Section 1680, the
The following applicants who have theretofore
been licensed under this code are exempt from the requirements of
this article:
(a) An applicant for a license to act as a property broker-agent
or a casualty broker-agent who has been licensed as a property
broker-agent, casualty broker-agent, or surplus line broker during
any part of the license year in which the application is filed or the
immediately preceding license year.
(b) An applicant for a license to act as a life-only agent who has
been licensed as a life-only agent during any part of the license
year in which the application is filed or the immediately preceding
license year.
(c) An applicant for a license to act as an accident and health
agent who has been licensed as an accident and health agent during
any part of the license year in which the application is filed or the
immediately preceding license year.
(d) An applicant for a license to act as a travel insurance agent.
(e) An applicant specifically exempted from the particular
qualifying examination requirement by other provisions of this code.
(f) (1) A nonresident licensee who applies
for a property broker-agent, casualty broker-agent, personal lines
broker-agent, or life agent resident license in this state, and who
is currently licensed for the same lines of authority in the state of
his or her current resident license, shall not be required to
complete an examination. The application shall be received within 90
days of the cancellation of the applicant's resident license and the
producer database records, maintained by the National Association of
Insurance Commissioners, shall indicate that the producer is licensed
in good standing for the line of authority requested.
(2) Upon issuance of the California resident license, the
examination waiver also applies to adding additional lines of
authority to the California resident license provided that the
individual was previously licensed in good standing for the requested
additional lines of authority, and the application is received
within 12 months of the cancellation of the applicant's previous
resident license in another state.
SEC. 12. Section 1749.8 of the Insurance Code is amended to read:
1749.8. (a) Every life agent who sells annuities shall
satisfactorily complete eight hours of training prior to soliciting
individual consumers in order to sell annuities.
(b) Every life agent who sells annuities shall satisfactorily
complete four hours of training prior to each license renewal.
Completion of the eight-hour annuity training required by
subdivision (a) does not satisfy
the four-hour annuity training required by
this subdivision. For resident licensees, this
requirement shall count toward the licensee's continuing education
requirement, but may still result in completing more than the minimum
number of continuing education hours set forth in this section.
(c) The training required by this section shall be approved by the
commissioner and shall consist of topics related to annuities, and
California law, regulations, and requirements related to annuities,
prohibited sales practices, the recognition of indicators that a
prospective insured may lack the short-term memory or judgment to
knowingly purchase an insurance product, and fraudulent and unfair
trade practices. Subject matter determined by the commissioner to be
primarily intended to promote the sale or marketing of annuities
shall not qualify for credit towards the training requirement. Any
course or seminar that is disapproved under the provisions of this
section shall be presumed invalid for credit towards the training
requirement of this section unless it is approved in writing by the
commissioner.
(d) The training requirements set forth in this section shall not
apply to nonresident agents representing an insurer that is a direct
response provider.
For the purposes of this section, "direct response provider" means
an insurer that meets each of the following criteria:
(1) The insurer does not initiate telephone contact with insureds
or prospective insureds.
(2) Agents of the insurer speak with insureds and prospective
insureds only by telephone, and at the request of the insureds or
prospective insureds.
(3) Agents of the insurer are assigned to speak with insureds or
prospective insureds on a random basis, when contacted.
(4) Agents of the insurer are salaried and do not receive
commissions for sales or referrals.
SEC. 13. Section 1758.3 of the Insurance Code is amended to read:
1758.3. The commissioner shall not grant authority to transact
variable contracts unless the life agent or applicant furnishes proof
that he or she is registered to sell securities in California
in accordance with the rules of the United States Securities
and Exchange Commission or the Financial Industry Regulatory
Authority. Any authority granted to a life agent to transact variable
contracts shall immediately terminate upon the life agent no longer
being registered to sell securities in accordance with the rules of
the United States Securities and Exchange Commission or the Financial
Industry Regulatory Authority.
SEC. 14. Section 1872.87 of the Insurance Code is amended to read:
1872.87. (a) Each insurer required to pay special purpose
assessments pursuant to Sections 1872.8, 1872.81, 1872.85, 1874.8, or
subdivision (a) of Section 1872.86 may, over a reasonable length of
time, but in no event later than the calendar year in which the
assessment is paid, recoup the special purpose assessments by way of
a surcharge on premiums charged for the insurance policies to which
those sections apply or by including the assessments within the
insurer's rates. Amounts recouped shall not be considered premiums
for any purpose, including the computation of gross premium tax or
agents' commission.
(b) The amount of the surcharge shall be separately stated on
either a billing or policy declaration sent to an insured.
(c) The commissioner, in consultation with the Director of Motor
Vehicles, shall report to the Governor and to the chair and vice
chair of the Joint Legislative Budget Committee prior to October 1,
2008, on the feasibility and fiscal impact of transferring collection
of the assessments specified in Sections 1872.8, 1872.81, and 1874.8
to the Department of Motor Vehicles to be performed in conjunction
with the registration of motor vehicles.
SEC. 15. Section 14090.1 of the Insurance Code is amended to read:
14090.1. (a) An individual who holds an insurance adjuster
license and who is not exempt under subdivision (b) of this
section shall satisfactorily complete a minimum of 24
hours, of which three hours are to be in ethics, of continuing
education courses pertinent to
the duties and responsibilities of an insurance adjuster license
reported to the insurance commissioner on a biennial basis in
conjunction with his or her license renewal cycle.
(b) This section does not apply to either
any of the following:
(1) A licensee not licensed for one full year prior to the end of
the applicable continuing education biennium.
(2) A licensee holding a nonresident insurance adjuster license
who has met the continuing education requirements of his or her
designated resident state.
(3) An individual licensed as an insurance adjuster and as a
property or casualty broker-agent, pursuant to Section 1625, who has
met the continuing education requirements specified in Section
1749.3.