Current through the 2024 Legislative Session.
Section 17310 - Indemnification of member against loss(a) It shall be the purpose of Fidelity Corporation to indemnify a member within the State of California against loss, subject to the limitations set forth in this chapter.(b) Fidelity Corporation shall not be liable for any consequential damages sustained by a member, or by any other person, nor for any punitive damages whatsoever.(c) The indemnification shall be provided by any of the following:(1) A fund established by Fidelity Corporation pursuant to Section 17320.(2) A fidelity bond or insurance policy to be approved by the commissioner.(3) A combination of paragraphs (1) and (2) subject, however, to the maximum coverage specified in subdivision (b) of Section 17314.(d) Fidelity Corporation shall provide a copy to all of its members and the commissioner of the fidelity bond or insurance policy as it is acquired or renewed, and Fidelity Corporation shall promptly provide a copy to any member or successor in interest, upon request.Amended by Stats 2006 ch 376 (AB 2038),s 1, eff. 1/1/2007.Amended by Stats 2001 ch 662 (AB 544), s 3, eff. 1/1/2002.