Bill > AB487

This bill addresses multiple technical and administrative amendments to various sections of California's Insurance Code. The bill updates terminology, clarifies licensing requirements, expands blanket insurance coverage options, modifies claims processing regulations for health insurers, and extends investment authorizations for the State Compensation Insurance Fund. Specifically, the bill renames "agent" to "stock agent" in securities-related provisions, eliminates certain fingerprinting requirements for insurance licensees, expands the definition of "background information" for insurance license applications, allows blanket insurance to cover volunteers, modifies claims processing timelines and interest rates for health insurance claims, and extends the State Compensation Insurance Fund's investment discretion indefinitely. The bill also makes various technical corrections and removes outdated references throughout the Insurance Code, aiming to streamline and modernize insurance-related regulations in California.

Budget and Finance, Business and Industry, Justice

Insurance (A)

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB487