CA SB528

Repeals the $1,780,000,000 maximum assessment authorization against participating insurance companies under Section 10089.31 of the Insurance Code.

Eliminates the 120-day reporting requirement following seismic events and consolidates major seismic event reporting into the annual August 1 report to the Legislature and Commissioner.

Removes references to Section 10089.31 assessments in Sections 10089.16 and 10089.13, including eliminating the requirement to report assessment information in the authority's annual financial capacity report.

Repeals the entire Section 10089.33(b) which provided for annual reductions of the Section 10089.31 assessment obligation beginning April 1, 2010.

Retains the CEA's existing financing mechanisms including policyholder surcharges, participating insurer assessments under Sections 10089.23 and 10089.30, reinsurance, and revenue bonds.