What effect does the new law have on California resident surplus line broker licensees who wish to be endorsed to a non-resident surplus line organization license?
As stated in Section 1656 and 1679 (c) of the California Insurance Code, a non-resident surplus line business entity cannot endorse a California resident surplus line broker. Specifically, these sections state, in part, that “Applicants for a nonresident business entity license must name at least one person from their home state who may exercise the power and perform the duties under their license. Additional persons endorsed to that license may be residents of another state, but may not be residents of California.
Related Questions
- What effect does the new law have on California resident surplus line broker licensees who wish to be endorsed to a non-resident surplus line organization license?
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