CA AB2996

Authorizes the California FAIR Plan Association to request the California Infrastructure and Economic Development Bank to issue bonds to finance claims costs and increase liquidity and claims-paying capacity, subject to prior approval from the Insurance Commissioner.

Permits the association to enter into loan agreements with the bank and line of credit agreements with institutional lenders or broker-dealers, with the ability to pledge premiums, revenues, and receivables as collateral.

Requires the association to assess members in amounts and at times necessary to pay all obligations related to approved bonds, loan agreements, and lines of credit, with repayment terms that cannot be altered by subsequent amendments to the plan of operation.

Exempts FAIR Plan bond financing from most provisions of the Government Code's Infrastructure Bank chapter while preserving the Insurance Commissioner's regulatory authority over insurance-related matters.

Declares the bill an urgency statute to take effect immediately due to California's property insurance availability crisis and the FAIR Plan's insufficient financial capacity to pay claims after catastrophic fires.