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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.
IFD class topics include:
- Definition of agent’s
fiduciary duty, fiduciary capacity and fiduciary relationship
- Advantages and disadvantages
of agent’s fiduciary position
- Premium fiduciary funds
- Maintenance of premium
fiduciary funds in trust bank accounts and income bearing
securities
- 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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