AB 226
California FAIR Plan Association.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill authorizes the California FAIR Plan Association to borrow money from the California Infrastructure and Economic Development Bank to cover claims costs and increase its financial stability. It allows the association to issue bonds and enter into loan agreements to achieve this, subject to prior approval from the Insurance Commissioner. If repayment becomes difficult, the association will assess its members to ensure full obligations are met, secured by a statutory lien. The bill was passed as an urgency measure due to a statewide property insurance crisis.
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