The California Department of Insurance announced it will be implementing a 6 percent licensing fee rate reduction on July 1, 2010, including the fees paid by more than 300,000 liensed insurance agents, brokers and adjusters. The cost of renewing a license will decrease from $136 to $128. Total savings is estimated to be $3.4 million annually.
This is the second year CDI has reduced licensing fees. The first 6 percent rate reduction took effect July 1, 2009.
According to the Department, it is operating under a tight budget. Among its next steps are to monitor expenditures and revenues to maximize the period of rate reductions without adversely affecting consumer services/protections and regulatory responsibilities.
The Department said it also is continually looking “to improve operational processes and procedures to find ongoing organizational efficiencies and cost savings.”
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