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|-For Agents & Brokers-
PORTABLE ELECTRONICS INSURANCE AGENTS: Prohibited Acts
Pursuant to Section 1758.67 of the California Insurance Code (CIC), under the authority of the portable electronics insurance agent license, a portable electronics insurance agent shall not do any of the following:
- Offer to sell insurance except in conjunction with, and incidental to, the business of selling portable electronics, their accessories, or related service.
Advertise, represent, or otherwise portray itself or its endorsees as licensed insurers, or property and casualty broker-agents.
Pay any endorsee compensation based primarily on the number of customers electing coverage under the portable electronics insurance agent's license. Payment of compensation to an endorsee of a portable electronics insurance agent for activities under the agent's license is allowed if it is incidental to their overall compensation. The incidental compensation shall not exceed fifteen dollars ($15) per customer who purchases portable electronics insurance coverage.
Unless lawfully transacting the business of insurance pursuant to a certificate of authority issued pursuant to (Section 700 of the CIC) for the appropriate class, a person obligated to perform under a contract offered in or from this state that meets the definition of portable electronics insurance as set forth in (Section 1758.69 of the CIC) shall be deemed to be unlawfully transacting the business of insurance and shall be subject to subdivision (Section 700 (b) and Section 12921.8 of the CIC
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