Bill > AB1416

This bill makes numerous amendments to the Insurance Code, primarily concerning the licensing, regulation, and responsibilities of insurance agents and brokers, referred to collectively as "broker-agents." Key provisions include clarifying definitions for "casualty broker-agent" and "property broker-agent," outlining requirements for acting as a managing general agent (MGA), and specifying conditions under which insurers can own or control entities licensed as broker-agents. The bill also addresses requirements for premium financing disclosures, the bond requirements for property and casualty broker-agents, and exemptions from qualifying examinations for certain applicants. It repeals Section 1680 of the Insurance Code, which likely pertains to a specific type of license or exemption. Additionally, the bill updates provisions related to continuing education requirements for life and accident/health agents, details fees for various license filings and appointments, and clarifies rules for vehicle service contract providers and administrators. It also includes provisions related to long-term care insurance loss ratios, guaranteed access to health insurance for certain individuals, and the operational structure of the California Automobile Assigned Risk Plan (CAARP) advisory committee. Finally, the bill mandates increased public disclosure of market conduct examination findings and settlements related to unfair insurance practices.