Legal Question in Consumer Law in California

I am launching a business in which I'm going to independently fund insurance for mobile devices. I will offer insurance to consumers on their mobile devices.

Is this illegal to do without a special license? What legal problems will I run into? Any info on this would be helpful. Thank you

Asked on 6/13/13, 7:29 pm

1 Answer from Attorneys

Christopher M. Brainard, Esq. C. M. Brainard & Associates - (310) 266-4115

I suspect you fall within the california insurance code definition of an insurer and need to be approved by the department of insurance and the state insurance commissioner. One problem I see is that you will likely have to maintain $1 million in capital reserves plus additional sums in surplus...

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Answered on 6/15/13, 9:31 pm

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