Section 2175.4 - Prohibited Persons Currently Engaged in or Transacting the Business of Insurance(a) There are no provisions in the Act or these regulations that exempt or except any Prohibited Person, who is currently engaging in, or transacting, the business of insurance from compliance with the Act and these regulations. The Act and these regulations expressly apply to all persons currently licensed who have been convicted of any criminal felony involving dishonesty, breach of trust or any violation of the Act.(b) Any and all currently licensed individuals who are subject to the Act and who were granted a license by the Department following full and complete disclosure of their criminal history shall be deemed to have the Insurance Commissioner's temporary consent to engage in or transact the business of insurance within the scope of their license authority only if the currently licensed individual submits an application for written consent within ninety (90) days from the effective date of these regulations. Any current licensee who is a Prohibited Person and who fails to submit an application for Written Consent within the ninety (90) day period will be barred from transacting the business of insurance as set forth in Title 18 USC section 1033.(c) Any and all Prohibited Persons engaging in, or transacting, the business of insurance, without the express Written Consent of the Commissioner, are in violation of the Act and risk federal criminal sanctions.Cal. Code Regs. Tit. 10, § 2175.4
1. New section filed 3-10-2003; operative 4-9-2003 (Register 2003, No. 11). Note: Authority cited: Sections 1723 and 1742.2, Insurance Code Reference: Sections 1723 and 1742.2, Insurance Code; and 18 U.S.C. § 1033.
1. New section filed 3-10-2003; operative 4-9-2003 (Register 2003, No. 11).