AB 299 Summary

• Changes the frequency of reciprocal state notices from annual to every four years for domestic insurers.

• Expands insurance commissioner examination standards to include market analysis data and consumer complaint analysis, and allows commissioner discretion to consider other appropriate criteria.

• Authorizes commissioners to grant multiple 30-day extensions for annual audit filings (instead of single extension) and reduces the advance notice requirement from 20 days to 10 days prior to the audit due date.

• Adds credit unions to the list of financial institutions where domestic incorporated insurers may invest, and expands excess fund investment restrictions to include "any other obligation" in addition to loans.

• Requires auto liability and collision insurance policies to cover replacement of child passenger restraint systems damaged in covered accidents, and mandates insurers ask about child seat use when processing claims.