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
Answer
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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