RE: AB 702 - INSURANCE LICENSE NUMBER ON SPECIFIED MATERIALS
AB 23 - CHANGE IN STATUTORY AMOUNT OF BROKER BOND
Enclosed is a "NOTICE" dated October 27, 1995 from the California Department of
Insurance concerning Assembly Bill #702 effective January 1, 1997 and Assembly Bill #23
effective January 1, 1996.
AB 702 requires licensees to include their license number on business cards, premium
quotes and advertisements, in the same size as any address, phone, or fax number.
AB 23 changes the statutory amount of broker bonds from $5,000 to $10,000. (Please be
advised, the bond amount for surplus line broker bonds remains at $50,000.)
This enclosed information is vital to the conduct of your business, and we encourage you
to read and familiarize yourself with its content. If you have any questions please direct
them to the License Bureau, Department of Insurance, 320 Capital Mall, Sacramento, CA,
(916) 322-3555.
James S. Pugh
Manager
JSP/jcv
Enclosure