Athene Legal and Compliance Updates: California
The following information will help you stay current on your responsibilities as an Athene producer. Remember, it is your obligation to know the requirements of your Athene contract, as well as the laws and regulations of any state in which you conduct business.
California: Reporting of administrative actions and criminal convictions — The California Department of Insurance (CDI) has issued its annual reminder of requirements regarding reporting administrative actions and criminal convictions. All resident and non-resident producers licensed in California are required to report any changes to their background information to the CDI within 30 days of the date the licensee learns of the change.
Changes in background information that must be reported in a timely manner include:
- Felony and misdemeanor convictions, including convictions for driving under the influence, reckless driving and driving on a suspended/revoked license.
- A filing of felony criminal charges in state or federal court.
- Administrative actions regarding any professional or occupational license, including but not limited to actions against an insurance and/or real estate license.
- Any discharge, or attempt to discharge, insurance premiums or fiduciary funds in a personal or organization bankruptcy proceeding.
- Any admission, or judicial finding or determination, of fraud, misappropriation or conversion of funds, misrepresentation or breach of fiduciary duty.