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AB 53 (Solorio): This bill would require that each admitted insurer, with gross annual revenues exceeding $25,000,000, and their regulated subsidiaries and affiliates, submit annually to the commissioner a detailed and verifiable plan for increasing procurement from women, minority, and disabled veteran business enterprises, as specified. The bill would require the commissioner to, among other things, establish guidelines for all admitted insurers to be used in establishing these programs, provide a report to the Legislature on September 1 of each year on the progress of activities undertaken by each admitted insurer in the implementation of these programs, and to develop and require admitted insurers subject to this bill and their regulated subsidiaries and affiliates to implement an outreach program to inform and recruit eligible business enterprises to apply for procurement contracts. The bill would provide that any person or corporation, through its directors, officers, or agents, this falsely represents a business as a women, minority, or disabled veteran business enterprise in the procurement of, or attempt to procure, a contract from an admitted insurer subject to this bill, or a regulated subsidiary or affiliate, be punished by a fine of not more than $5,000, by imprisonment in a county jail for not more than one year or in the state prison, or by both that fine and imprisonment.
AB 393 (Wagner): Spot bill relative to Administrative Procedures Act.
AB 480 (Solorio): This bill would provide that nothing in the Insurance Code prevents a captive insurer that is licensed in at least one state of the United States and that meets the statutory requirements of any other California statute, from issuing policies covering risks in this state pursuant to the provisions of those other California statutes.
AB 690 (Solorio): The bill would authorize employees and authorized representatives of the portable electronics vendor to sell or offer portable electronics insurance pursuant to the authority of the vendor's portable electronics insurance agent license, as provided. The bill would also make changes to vendor reporting, employee and authorized representative compensation, and recordkeeping requirements, and would expand the portable electronics insurance license to include the sale or provision of accessories related to the use of portable electronics.
AB 705 (Blumenfield): This bill would require that an admitted foreign insurer's foreign investments, located in foreign jurisdictions designated as state sponsors of terrorism by the United States Secretary of State, be disallowed and treated as nonadmitted assets on the financial statements of the admitted foreign insurer filed with the Insurance Commissioner. The bill would also require that if a jurisdiction was not so designated when an investment was made, the investment be disallowed and treated as nonadmitted.
AB 736 (Calderon): Current law authorizes the Insurance Commissioner to declare any region of the state as an auto insurance fraud crisis area upon making a finding that auto insurance fraud is endemic to the area, as specified. This bill would require the commissioner to provide a copy of the declaration concerning a region's designation as a fraud crisis area to the respective chairs of the Senate and Assembly standing committees with primary jurisdiction over matters of public policy involving insurance, as specified.
AB 974 (Portantino): Spot bill relative to unfair trade practices.
AB 1004 (Hagman): Spot bill relative to insurance.
AB 1080 (Calderon): This bill would require a business that provides banking or other financial services, as specified, over the Internet to implement and maintain reasonable policies and procedures for authenticating and verifying the legitimacy of a consumer transaction over the Internet.
AB 1248 (Hueso): Spot bill relative to insurance tax credits.
SB 130 (Gaines): Spot bill relative to insurance fraud prevention.
SB 131 (Gaines): Spot bill relative to insurer’s financial statement.
SB 277 (Vargas): Spot bill relative to regulation of insurers.
SB 474 (Evans): This bill would express the intent of the Legislature to enact legislation to govern the use of indemnification and additional-insured provisions in construction contracts in order to provide for the equitable resolution.
SB 596 (Price): Existing law requires an insurer, upon receiving notice of a claim, to immediately, but not more than 15 calendar days after receipt, provide the insured with a legible reproduction of the specified Insurance Code section, in at least 12-point type, detailing acts prohibited as unfair trade practices, and a written notice. This bill would require that the contents of the written notice be changed and be in at least 10-point type. The bill would delete the 12-point type requirement with regard to the reproduction of the Insurance Code section, and would instead require that the insurer provide to the insured a copy of a specified portion of the Insurance Code section upon oral or written request of the insured. This bill would allow the California Residential Property Insurance Disclosure and the California Residential Property Insurance Bill of Rights to be placed in the same document. Existing law requires every admitted insurer issuing or renewing motor vehicle insurance liability policies, at the time of offering to issue or renew the policy, to disclose in writing in a freestanding document all discounts available to the insured for that policy or any related insurance provided under the policy. This bill would delete the requirement that the disclosure of discounts be in a freestanding document, and would require that following issuance of the policy, the disclosure be provided every other year at the time of renewal.
SB 711 (Committee on Insurance): Existing uncodified law states that specified changes made to the California Life and Health Insurance Guarantee Association Act during the 2009-10 Regular Session of the Legislature do not apply to any member insurer that, before the effective date of those changes, has been placed under an order of liquidation with a finding of insolvency. This bill would codify that provision.
SB 712 (Committee on Insurance): Spot bill relative to insurance.
SB 713 (Committee on Insurance): This bill, the Life Insurance Proceeds Disclosure Act of 2011, would require insurers to provide written disclosures to life insurance beneficiaries before a retained asset account, as defined, is selected or established as the benefit payment. The bill would require an insurer that chooses to settle life insurance benefits through a retained asset account to provide the beneficiary with a supplemental contract that clearly discloses the rights of the beneficiary and the obligations of the insurer under the supplemental contract.
SB 714 (Committee on Insurance): This bill would, for purposes of the Insurance Holding Company System Regulatory Act, revise the definition of "insurer" to exclude agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. The bill would further define the term "enterprise risk" to mean any activity, circumstance, or event, or series of events, involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its holding company system as a whole.
SB 715 (Committee on Insurance): This bill would require insurers and insurance producers to comply with specified requirements regarding the purchase, exchange, or replacement of an annuity recommended to a consumer, including, but not limited to, having reasonable grounds for the insurance producer believing the annuity transaction would be suitable for the consumer, as provided. The bill would also prohibit an insurance producer from selling annuities unless he or she has received Insurance Commissioner-approved training, and would authorize the commissioner to require certain actions by, and impose sanctions and penalties on, insurers and their agents for a violation of the provisions of the act.
SB 716 (Committee on Insurance): This bill would declare that it is the intent of the Legislature to reconcile California surplus lines and reinsurance law with the recent changes to federal law to minimize any possibly adverse effects of preemption by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This bill would declare that it is to take effect immediately as an urgency statute.