Existing law generally regulates the business of insurance in the state, including the licensing of persons who transact insurance. Existing law prohibits a person from soliciting, negotiating, or effecting a contract of insurance without a valid license from the Insurance Commissioner, and makes transacting insurance without a valid license punishable as a misdemeanor by imprisonment in a county jail for not more than one year, a fine of not more than $50,000, or both that fine and imprisonment.
This bill would increase the maximum fine for transacting insurance without a valid license to $70,000.