Sections 1750 and 1765 of the California Insurance Code relating to broker licenses and license fees were recently amended following the implementation of AB-1699 which was approved in mid-June.
Under the changes, the commissioner will now require a surplus lines broker fee of $250 where the broker is an individual transacting only on behalf of a surplus lines broker organization.
In addition, the filing fee for a license to act as a surplus lines broker will be $1,000 every two years, or for any initial fractional license year. For an individual licensed as a surplus line broker who only transact on behalf of a surplus line broker organization, the filing fee is $500 every two years, or for any initial fractional license year.
Also the code was amended to read that for each surplus line office maintained by the licensee from which the licensee transacts business with California residents, this law requires the licensure, as a surplus lines broker, of each natural person or persons located at these offices who is or are to be responsible for the discharge of all duties placed upon the licensee acting as a surplus line broker at the office.
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