Cal. Code Regs. tit. 10 § 2190.6

Current through Register 2024 Notice Reg. No. 50, December 13, 2024

Section 2190.6 - Interest Bearing Accounts

Whenever a principal has authorized an agent or broker or surplus lines broker or special lines' surplus lines broker to maintain funds received in a fiduciary capacity, as defined in Sections 1733 and 1734 of the Insurance Code, in an interest bearing account and to retain interest earned (i.e., savings account or certificate of deposit), such authorization shall be in writing and the original thereof shall at all times be maintained as part of the pertinent records of the agent or broker and shall be readily available on request, for so long as fiduciary funds are so maintained for such insurer.

Cal. Code Regs. Tit. 10, § 2190.6

1. Amendment filed 6-27-78; designated effective 9-1-78 (Register 78, No. 26).
2. Amendment of section and new NOTE filed 8-28-98; operative 9-27-98 (Register 98, No. 35).

Note: Authority cited: Sections 1727, 1763 and 1768, Insurance Code. Reference: Sections 1733 and 1734, Insurance Code.

1. Amendment filed 6-27-78; designated effective 9-1-78 (Register 78, No. 26).
2. Amendment of section and new Note filed 8-28-98; operative 9-27-98 (Register 98, No. 35).