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AB-207 Insurance licensing.(2019-2020)

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Date Published: 01/14/2019 09:00 PM
AB207:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 207


Introduced by Assembly Member Daly

January 14, 2019


An act to amend Section 1633 of the Insurance Code, relating to insurance.


LEGISLATIVE COUNSEL'S DIGEST


AB 207, as introduced, Daly. Insurance licensing.
Existing law generally regulates the business of insurance in the state, including the licensing of persons who transact insurance. Existing law prohibits a person from soliciting, negotiating, or effecting a contract of insurance without a valid license from the Insurance Commissioner, and makes transacting insurance without a valid license punishable as a misdemeanor by imprisonment in a county jail for not more than one year, a fine of not more than $50,000, or both that fine and imprisonment.
This bill would increase the maximum fine for transacting insurance without a valid license to $70,000.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: YES   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 1633 of the Insurance Code is amended to read:

1633.
 Any A person who transacts insurance without a valid license so to act is guilty of a misdemeanor punishable by a fine not exceeding fifty thousand dollars ($50,000) or seventy thousand dollars ($70,000), by imprisonment in a county jail for a period not exceeding one year, or by both that fine and imprisonment.