AB 2279, as introduced, Hagman. Insurance: life agents.
Under existing law, applicants for a license as a property broker-agent, casualty broker-agent, limited lines automobile insurance agent, personal lines broker-agent, life-only agent, or accident and health agent are required to meet specified prelicensing education requirements and postlicensing continuing education requirements. A life agent who is limited by the terms of a written agreement with an insurer to transact only specific life insurance policies or annuities that have an initial face amount of $15,000 or less that are designated by the purchaser for the payment of funeral and burial expenses is not required to meet those education requirements.
This bill would make technical, nonsubstantive changes to that provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 1749.01 of the Insurance Code is
2amended to read:
Sections 1749 and 1749.3 shall not apply to a life
2agent who is limited by the terms of a written agreement with the
3insurer, which filed on that life agent’s behalf a notice of
4appointment with the commissioner, to transact only specific life
5insurance policies or annuitiesbegin delete havingend deletebegin insert that haveend insert an initial face
6amount of fifteen thousand dollars ($15,000) or less that are
7designated by the purchaser for the payment of funeral and burial
8expenses. The commissioner may require the insurer appointing
9those life agents to certify as to the limitations of the agents’
10representation.
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