CA AB1472

Extends the Seismic Safety Account assessment to persons who rent or lease real property, in addition to property owners, for both commercial and residential properties covered by property insurance policies

Sets the annual assessment at $0.15 per earned property exposure for the first three years beginning August 1, 2014, with future assessments based on commission funding needs, administrative costs, and reserve maintenance but capped at $0.15 per exposure

Requires insurers to collect the assessment from insured parties and remit payments to the Department of Insurance, with assessments recoverable from insureds unless the insurer elects to pay on their behalf

Establishes a 1.5 percent monthly compounded late fee for assessments not paid within 45 days of invoice and requires annual reporting to the Legislature on assessment methodology by December 1

Takes effect immediately as an urgency statute to protect the public from earthquake-related loss of life and property damage