Cal. Code Regs. tit. 10 § 2697.7

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2697.7 - Producer Compensation

(a) The rate of commission payable by the Authority as producer compensation shall be 10% (ten percent) of the gross written premium for the policy.

(b) In the event of cancellation of a basic residential earthquake insurance policy issued by the Authority, or the issuance by the Authority of an endorsement that requires a premium to be returned to the insured, the producer shall refund to the insured or the Authority, as applicable and on a pro rata basis, commissions on the unearned premium.

Cal. Code Regs. Tit. 10, § 2697.7

1. New section filed 11-18-96 as an emergency; operative 11-18-96 (Register 96, No. 47). A Certificate of Compliance must be transmitted to OAL by 3-18-97 or emergency language will be repealed by operation of law on the following day.
2. Amendment of subsection (a) filed 12-19-96 as an emergency; operative 12-19-96 (Register 96, No. 51). A Certificate of Compliance must be transmitted to OAL by 4-18-97 or emergency language will be repealed by operation of law on the following day.
3. Repealed by operation of Government Code section 11346.1(g) (Register 97, No. 14).
4. New section filed 4-1-97 as an emergency; operative 4-1-97 (Register 97, No. 14). A Certificate of Compliance must be transmitted to OAL by 7-30-97 or emergency language will be repealed by operation of law on the following day.
5. Repealed by operation of Government Code section 11346.1(g) (Register 97, No. 32).
6. New section filed 8-4-97 as an emergency; operative 8-4-97 (Register 97, No. 32). A Certificate of Compliance must be transmitted to OAL by 12-2-97 or emergency language will be repealed by operation of law on the following day.
7. Certificate of Compliance as to 8-4-97 order transmitted to OAL 11-26-97 and filed 1-13-98 (Register 98, No. 3).

Note: Authority cited: Section 10089.11(b), Insurance Code. Reference: Sections 10089.11 and 12921, Insurance Code.