§ 2248.6. Responsibility of Insurers, Life and Disability Insurance Agents and Insurance Agents to Make Review of Transactions.

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(a) It shall.be the responsibility of the insurer, all creditors licensed as life and disability insurance agents and insurance agents who receive commissions on credit insurance in connection with the transaction of credit insurance to conduct a review of each creditor account within 120 days after the end of the first year and thereafter a minimum of once each two years for the purpose of assuring compliance with these regulations and all applicable provisions of the Insurance Code, including the calculation of the proper premium and the transmittal of the proper premium to the insurer, and payment of claims and refunds, and make any necessary corrections to comply with the provisions of these regulations.

Note

Note: Authority cited: Section 779.21, California Insurance Code.

                    
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