AB 1515 Summary

• Requires insurance disclosures beginning January 1, 2017 to include the Department of Insurance's Internet website (www.insurance.ca.gov) in addition to telephone numbers for consumer affairs contact information.

• Extends the credit allowed for domestic insurers that cede reinsurance to certified reinsurers from January 1, 2016 to January 1, 2021.

• Increases the Risk-Based Capital (RBC) filing threshold for life and health insurers from 2.5 times Authorized Control Level RBC to 3.0 times when Total Adjusted Capital is below that threshold.

• Modifies licensee business card requirements, effective July 1, 2016, to display the word "Insurance" in type size at least as large as the smallest telephone number or 12-point type, whichever is larger.

• Establishes education requirements for bail fugitive recovery persons: 20 hours minimum for those licensed after December 31, 2012; 12 hours for those licensed between January 1, 1994 and December 31, 2012; and no requirement for those licensed before January 1, 1994.