Cal. Code Regs. Tit. 10, § 1496 - Adjustment of Insurance Claims: Limitations

Neither a finance company, a company affiliated with such finance company, nor officers, directors or employees of such finance company or affiliate, shall act as adjuster of, or in any manner exercise control or supervision over the adjustment of any insurance claim relating to property securing a loan made by such finance company in any case where there is a direct or indirect financial benefit to such finance company, affiliated company, or the officers, directors, or employees of such finance company or affiliate, as a result of such insurance claim. This prohibition shall not extend, however, to the duly constituted claims or adjustment department or division of a licensed insurance carrier, nor shall it apply where the loss is adjusted by a staff adjuster of the carrier or an independent individual adjuster.

Notes

Cal. Code Regs. Tit. 10, § 1496

1. New NOTE filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending section and NOTE filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).

Note: Authority cited: Section 22150, Financial Code. Reference: Sections 22150, 22311, 22312 and 22313, Financial Code.

1. New NOTE filed 12-29-83; effective thirtieth day thereafter (Register 83, No. 53).
2. Change without regulatory effect amending section and Note filed 6-14-95 pursuant to section 100, title 1, California Code of Regulations (Register 95, No. 24).