AB 1699 Summary

• Updates and codifies various insurance regulatory fees throughout the Insurance Code, including application, licensing, renewal, and filing fees to reflect current department charges and improve transparency of fiscal operations.

• Modifies redomestication provisions for insurers by requiring filing of articles of incorporation and statements with the Secretary of State, while allowing the commissioner to issue a letter confirming approval (replacing the previous notice of intent requirement).

• Changes the fee bulletin notification process to send notices to the Assembly Committee on Insurance and Senate Committee on Insurance specifically, rather than to both houses of the Legislature generally.

• Deletes obsolete provisions related to surplus line broker licensing fees ($1,000 every 2 years and $500 for individuals transacting only on behalf of organizations) and makes various technical and conforming changes throughout the code.