California Insurance Code 1810 – (a) Natural persons can be licensed under this …
(a) Natural persons can be licensed under this chapter.
(b) A license may be held by a corporation, in which case all of the following requirements shall be met:
Terms Used In California Insurance Code 1810
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- licensee: means an insurer, agent, broker, or any other person who is required to be licensed by the department. See California Insurance Code 38.6
(1) The application shall set forth the names of all officers and employees of the licensee who will be authorized to exercise the powers of the licensee under this chapter. Each of those persons shall be required to meet the requirements for licensure under this chapter, and disciplinary action may be taken against any of those persons, and the licensee, if any of those persons does any act that would be grounds for disciplinary action against a licensee.
(2) The corporation may solicit or negotiate the execution or delivery of bail on behalf of surety insurers only through natural persons who hold individual licenses as bail agents.
(3) One hundred percent of the shares of the corporation shall be held by licensed bail agents.
(4) All shareholders, officers, and directors of the corporation shall be licensed bail agents, and shall be disclosed to the department.
(5) Any sale or transfer of stock or other interest in the corporation shall require the prior approval of the department. The department shall approve or disapprove a request for approval within 60 days of receiving the completed request.
(Amended by Stats. 1996, Ch. 628, Sec. 1. Effective January 1, 1997.)