Bill > AB1511

This bill makes several changes to the regulation of insurance in California: 1. It eliminates the requirement for the Department of Insurance to have an office in the San Francisco Bay area, and instead requires offices in Oakland, Los Angeles, and Sacramento. 2. It applies the same mailing requirements and extended response time periods to offers of renewal or notices of nonrenewal for residential property insurance policies as already apply to notices of cancellation. 3. It temporarily increases the limitation on discretionary investments that insurers can make, if approved by the Insurance Commissioner and identified as a qualified investment by the California Organized Investment Network. 4. It expands the requirement for insurers to include fraud warnings on claim forms to also apply to application and policy change forms, and makes it a crime to provide false or fraudulent information to obtain or amend an insurance policy. 5. It revises the formula for determining the interest rate used in annuity contract nonforfeiture amounts, with different formulas for contracts issued before and after January 1, 2022. 6. It authorizes the Insurance Commissioner to apply for a court judgment to enforce orders requiring monetary penalties or reimbursement of prosecutorial costs. 7. It makes various changes to the licensing and oversight of insurance adjusters and public insurance adjusters, including exempting certain adjusters from surety bond requirements and specifying that pleas of guilty or nolo contendere are deemed convictions.

Budget and Finance, Business and Industry, Justice

Insurance (Assembly)

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202120220AB1511