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How much does an insurance broker bond cost in California?
The California Producer Licensing Bureau requires insurance brokers to post $10,000 surety bonds prior to conducting business.
SuretyBonds.com issues these two-year bonds instantly online for just $100. Simply click Buy Now to visit our secure bond checkout where you can buy your bond directly from our site. It only takes a few minutes to be on your way to getting bonded as an insurance broker in California!
Why do I need an insurance broker bond?
By posting a California insurance broker bond, principals (insurance brokers) pledge to handle all funds received appropriately and apply them to the services and products requested by the client. If the principal or their solicitors and employees fail to conduct ethical and lawful business, the bond protects consumers from financial loss up to the full amount of the bond. The principal must reimburse the surety for all damages paid out.
What’s the fine print on a California insurance broker bond?
Insurance broker bonds in California remain in full force and effect until the surety is released from further liability by the insurance commissioner or until the surety cancels the bond. The surety can cancel the bond by delivering written notice of cancellation to the commissioner at least 30 days prior to the effective termination date.
How to become an insurance broker in California
Completed insurance broker registration applications should be sent to the Insurance Commissioner of California. The following materials must be included in the registration application:
- Submit your fingerprints through the California Department of Insurance’s contracted fingerprint vendor, Accurate Biometrics. A full outline of fingerprinting requirements for the California Insurance Broker application can be found on the California Department of Insurance website.
- Complete the 1033 Short Form Application for Written Consent in order to confirm that you have not been convicted of a felony and can therefore participate in insurance business in California.
- Complete pre-licensing education requirements, which can also be found on the California Department of Insurance website.
- Pass the Casualty Broker-Agent license examination. The California Department of Insurance requires that applicants pass the exam before submitting their application.
- Acquire a $10,000, two-year term California insurance broker surety bond.
- Once the exam is passed and all documents are collected, license application online.
- Pay the required $188 licensing fee.
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