CA SB476

Revises automobile insurance special assessments from $0.30 to $0.25 per vehicle, effective July 1, 2014, with 2/3 funding consumer service functions and 1/3 funding consumer complaint improvements at the Department of Insurance.

Authorizes the Department of Insurance to use up to $0.05 of assessment revenues to promote low-cost automobile insurance programs to insurers and the public.

Maintains fraud-related assessment at up to $0.50 per vehicle with distribution: 42.5% to district attorneys, 42.5% to Fraud Division, and 15% to California Highway Patrol for prosecuting organized automobile fraud.

Eliminates the $15,000 minimum value requirement for life insurance and annuity products subject to the special assessment fee (capped at $1 per policy/product) and redirects fund usage from consumer education to regulating insurance entities and prosecuting financial abuse.

Requires the Insurance Commissioner's annual report to include data on consumer complaints, investigations, regulatory cases, and revenue/expenditures for automobile insurance and life/annuity product assessments.