AB 487: Insurance.

The bill aims to update the insurance industry regulations in the state. It defines an agent as a stock agent, making changes to existing laws. The bill also removes fingerprinting requirements for certain license applicants, including surplus line brokers and variable life agents. Additionally, it clarifies the powers and duties of the department of insurance and the insurance commissioner, including applications for bail and insurance adjuster licenses. The bill expands the definition of background information to include administrative actions regarding professional or occupational licenses and government regulatory agency allegations of unlawful conduct. It also updates the provisions for limited licenses, allowing them to be issued to agents acting on behalf of cargo owners or shippers. The bill permits blanket insurance to be issued to volunteers for certain entities, including col…