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CA AB2002
Bill
Status
Passed
7/9/2010
Primary Sponsor
Jared Huffman
Click for details
AI Summary
- Removes the 60% minimum reserve requirement for liability insurers that was previously mandated by law
- Grants the Insurance Commissioner authority to prescribe minimum reserve requirements through regulatory process instead of statutory requirement
- Requires the Commissioner to establish reserve regulations based on reasonable consideration of business experience and character to protect insureds and insurer solvency
- Maintains requirement that all insurers transacting business in California maintain reserves adequate for payment of losses and claims
- Exempts life insurance, title insurance, disability insurance, mortgage insurance, and mortgage guaranty insurance from these reserve requirements
Legislative Description
Reserve requirements.
Last Action
Chaptered by Secretary of State - Chapter 61, Statutes of 2010.
7/9/2010
Committee Referrals
Rules4/15/2010
Insurance3/4/2010
Full Bill Text
No bill text available