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CA AB2142

Bill

Official Source

Status

Passed

9/17/2018

Primary Sponsor

Franklin Bigelow

Click for details

Origin

State Assembly

2017-2018 Session

AI Summary

  • Authorizes the Insurance Commissioner to extend the period between financial examinations of home protection companies up to 2 additional years if conditions warrant the extension
  • Commissioner may consider the company's reserves, net worth, and other relevant factors when determining whether to extend the examination period
  • Maintains existing requirement that the Commissioner cannot conduct more than one financial examination in a 5-year period unless the company's financial condition has deteriorated
  • Applies to home protection companies that issue contracts for repair or replacement of home components, systems, or appliances
  • Approved by Governor on September 17, 2018

Legislative Description

Insurance: home protection companies.

Last Action

Chaptered by Secretary of State - Chapter 431, Statutes of 2018.

9/17/2018

Committee Referrals

Appropriations7/2/2018
Insurance5/24/2018
Rules5/10/2018
Appropriations4/18/2018
Insurance2/26/2018

Full Bill Text

No bill text available