CA AB1140

Increases minimum auto liability insurance coverage starting January 1, 2025 from $15,000/$30,000/$5,000 to $30,000/$60,000/$15,000, with further increases to $50,000/$100,000/$25,000 on January 1, 2035, applying only to policies issued or renewed after those dates.

Expands insurance company diversity reporting requirements to include persons with disabilities business enterprises alongside existing minority, women, LGBT, and veteran-owned business requirements.

Makes inactive the licenses of insurance licensees suspended by the Secretary of State, prohibiting them from conducting licensed activities until suspension is lifted.

Authorizes the Insurance Commissioner to suspend or revoke life settlement broker licenses without a hearing if the broker was convicted of a felony, specified misdemeanor, or had a professional license suspended or revoked for cause within the preceding five years.

Increases the Unemployment Insurance Code settlement authority threshold from $7,500 to $11,500, with automatic annual adjustments based on the California Consumer Price Index beginning January 1, 2025.