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Insurance Fiduciary Duty (IFD) Class

To meet fiduciary obligations, California P&C insurance agents and brokers and their staff must comply with numerous law requirements and regulations. Every person in the agency who performs duties under the license issued to the agency must follow the conduct prescribed by the CA Insurance Code.

Class topics:

 

v  Definition of brokerís fiduciary duty, fiduciary capacity and fiduciary relationship

v  Advantages and disadvantages of brokerís fiduciary position

v  Premium fiduciary funds

v  Violations of fiduciary duty

v  Maintenance of premium fiduciary funds in trust bank accounts and income bearing securities

v  Agency fiduciary task, definition and management objectives

IFD class handouts include:

  • CA Insurance Code Sections 1733 through 1736
  • CA Department of Insurance Bulletin 81-2

CA Insurance Code makes the mismanagement of insurance premium funds a criminal violation.

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