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AB-1748 Insurance: risk-based capital.(2013-2014)

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CALIFORNIA LEGISLATURE— 2013–2014 REGULAR SESSION

Assembly Bill
No. 1748

Introduced by Assembly Member Hagman

February 14, 2014

An act to amend Section 739.12 of the Insurance Code, relating to insurance.


LEGISLATIVE COUNSEL'S DIGEST


AB 1748, as introduced, Hagman. Insurance: risk-based capital.
Existing law requires every domestic insurer to prepare and submit to the Insurance Commissioner a Risk-Based Capital (RBC) Report of the insurer’s risk-based capital levels as of the end of the calendar year, as specified. Existing law directs the Insurance Commissioner to take regulatory action with respect to an RBC Report under specified conditions. All notices by the Insurance Commissioner to an insurer that may result in regulatory action are effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission, are effective upon the insurer’s receipt of the notice.
This bill would make a technical, nonsubstantive change to the latter provision.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 739.12 of the Insurance Code is amended to read:

739.12.
 (a) All notices by the commissioner to an insurer that may result in regulatory action hereunder shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any other transmission, shall be effective upon the insurer’s receipt of such the notice.
(b) Copies of all notices from the commissioner to the State Compensation Insurance Fund under this article shall be sent to the Governor.