CA AB428

Authorizes water corporations to enter into joint powers agreements with mutual water companies and public agencies for insurance and risk pooling purposes, expanding existing authority that previously applied only to mutual water companies and public agencies

Requires the joint powers agency to be 100% reinsured with no joint and several liability, no assessments, and no financial liability for participating members

Prohibits the Public Utilities Commission from allowing a water corporation to join a joint powers agency for insurance coverage unless it provides greater benefits to customers than the corporation's current insurance policy

Requires water corporations entering these agreements to submit an initial information filing with three years of historical insurance costs, plus annual filings reporting estimated savings and how those savings benefited customers

Mandates that any cost savings or expanded coverage from joint powers agency membership be used solely to reduce rates or improve service for California customers