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§ 2190.6. Interest Bearing Accounts.


Barclays Official California Code of Regulations Currentness
Title 10. Investment
Chapter 5. Insurance Commissioner
Subchapter 1. Production of Insurance
Article 7. Production Agency Records
10 CCR § 2190.6
§ 2190.6. Interest Bearing Accounts.
Whenever a principal has authorized an agent or broker or surplus lines broker or special lines' surplus lines broker to maintain funds received in a fiduciary capacity, as defined in Sections 1733 and 1734 of the Insurance Code, in an interest bearing account and to retain interest earned (i.e., savings account or certificate of deposit), such authorization shall be in writing and the original thereof shall at all times be maintained as part of the pertinent records of the agent or broker and shall be readily available on request, for so long as fiduciary funds are so maintained for such insurer.
Note: Authority cited: Sections 1727, 1763 and 1768, Insurance Code. Reference: Sections 1733 and 1734, Insurance Code.
1. Amendment filed 6-27-78; designated effective 9-1-78 (Register 78, No. 26).
2. Amendment of section and new Note filed 8-28-98; operative 9-27-98 (Register 98, No. 35).
This database is current through 11/19/21 Register 2021, No. 47
10 CCR § 2190.6, 10 CA ADC § 2190.6
End of Document