California Code of Regulations
Title 10 - Investment
Chapter 1 - Commissioner of Business Oversight, Division of Financial Institutions
Subchapter 40 - Industrial Loans
Article 8 - Insurance
Section 40.813 - Adjustment of Insurance Claims: Limitations

Universal Citation: 10 CA Code of Regs 40.813
Current through Register 2024 Notice Reg. No. 38, September 20, 2024

Neither an industrial loan company, a company affiliated with such industrial loan company, nor officers, directors or employees of such industrial loan 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 industrial loan company in any case where there is a direct or indirect financial benefit to such industrial loan company, affiliated company, or the officers, directors, or employees of such industrial loan 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 or attorney at law.

1. Change without regulatory effect renumbering former section 1195 to new section 40.813 and adding new NOTE filed 8-19-97 pursuant to section 100, title 1, California Code of Regulations (Register 97, No. 34).

Note: Authority cited: Section 18347, Financial Code.

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