AB 1511 Summary

• Relocates Department of Insurance public records offices from San Francisco Bay area to Oakland, while maintaining offices in Los Angeles and Sacramento.

• Extends mailing notice requirements for residential property insurance renewal and nonrenewal notices to include extended response periods of 5-20 calendar days depending on recipient location, effective July 1, 2022.

• Creates new crime of knowingly making false or fraudulent material statements to obtain or amend insurance policies, punishable by up to $10,000 fine and/or up to one year in county jail.

• Increases discretionary investment limits for domestic insurers through January 1, 2027 when investments are approved by commissioner and identified by California Organized Investment Network as qualified investments; requires commissioner report by December 31, 2025.

• Revises insurance adjuster surety bond requirements to exempt employees and qualified managers adjusting claims under a licensed manager or organization that has filed a bond, with changes to bonded personnel names required within 30 days.