CA AB2735

Authorizes water corporations, mutual water companies, and one or more public agencies to provide insurance and enter into joint powers agreements for risk pooling purposes.

Requires water corporations to submit initial information filings to the Public Utilities Commission detailing three years of historical insurance costs before joining a joint powers agency.

Prohibits joint powers agencies from accepting a water corporation unless the agency offers lower insurance rates, greater coverage benefits, or the corporation lacks current insurance.

Mandates water corporations to submit annual filings reporting estimated savings from joint powers membership and demonstrating how savings benefit customers rather than investors.

Restricts joint powers agencies containing water corporations from joining other agencies or exercising powers beyond those specified in the risk pooling agreement.