Insurance: omnibus.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill, SB 1206, makes broad changes to California’s insurance regulations. It updates licensing procedures, extends limitations on insurer investment flexibility, clarifies rules for public insurance adjusters, and strengthens efforts to combat workers’ compensation fraud. The bill also addresses technical issues related to premium calculations and establishes new requirements for investment reporting by the State Compensation Insurance Fund.
Key provisions
- Extends the increased investment limitation for insurers, indefinitely.
- Specifies that licensing provisions apply to accident and health or sickness agents.
- Tolls the 12-month qualification period for insurance licenses during background investigations.
- Requires public insurance adjusters to include their email address in contracts and clarifies deposit timelines for funds.
- Expands eligibility for estate certificates of convenience to include the executor/administrator of a deceased accident and health or sickness agent’s estate.
- Authorizes the Department of Insurance to submit biannual information requests to district attorneys investigating workers’ compensation fraud instead of requiring direct submissions.
- Sets a 2-year term for noninsurer members of the State Compensation Insurance Fund advisory committee.
- Requires the State Compensation Insurance Fund to provide annual and quarterly investment reports to the Department of Insurance.
Bill text
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Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Committee on Insurance
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