Today's Law As Amended


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AB-2366 Benefit and relief associations.(2013-2014)



As Amends the Law Today


SECTION 1.

 Section 11408 is added to the Insurance Code, to read:

11408.
 (a) (1) Notwithstanding any other law, the commissioner may receive and investigate formal written complaints made against a holder of a certificate of authority issued under Section 11401.
(2) In implementing this section, the commissioner may hold a hearing or request any necessary documentation, including, but not limited to, financial statements or legal documentation in an effort to resolve the complaint.
(b) If a complaint cannot be resolved in a timely manner, the commissioner may, after providing adequate notice and an opportunity for a hearing, do either of the following:
(1) Suspend the certificate of authority issued under Section 11401, which shall prohibit the association from adding any additional members until the complaint or violation is corrected.
(2) Rescind the certificate of authority issued under Section 11401.
(c) This section shall not be construed in a manner that conflicts with the Employee Retirement Income Security Act of 1974 (Public Law 93-406).