All of the following statements are TRUE regarding the California Earthquake Authority EXCEPT
(Choose from the following options)
1. Authority policies can be marketed by the participating insurer that writes the underlying policy of residential property insurance.
2. The state of California has created the California Earthquake Authority, which must be administered under the authority of the Commissioner.
3. The authority is authorized to transact insurance in this state as necessary to sell policies of basic residential earthquake insurance.
4. The authority is authorized to transact insurance in this state as necessary to sell policies of basic residential earthquake insurance, and is permitted to sell policies for any other line of insurance coverage.
