1. (a) Any person licensed by the Insurance Commissioner who misrepresents, to any surplus line broker, any material fact regarding insurance coverage, or misrepresents to such surplus line broker facts with regard to the rules of submission or rates, or in any way conspires to procure nonadmitted insurance in violation of the law or of the basic principles herein set forth, will by doing so become subject to action in respect to such licensed person's license as provided by Section 1731 of the Insurance Code. (Ins. C. 1760.5.)

2. (b) This rule relating to other licensees shall not relieve the surplus line broker of the surplus line broker's duty under the law.

   Note: §§ 2131 to 2172, inclusive, issued under authority contained in Section 1763, Insurance Code. The source of §§ 2050 to 2324, inclusive, is the Rules and Regulations, Insurance Commissioner.

History

1. Change without regulatory effect amending section filed 7-14-2021 pursuant to section 100, title 1, California Code of Regulations (Register 2021, No. 29). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.