Bill > AB1931

This bill modifies existing regulations for home protection companies, which are businesses that offer contracts for repairing or replacing home components, systems, or appliances. Currently, these companies must file annual financial statements and maintain reserves for unearned premiums. The Insurance Commissioner is responsible for examining these companies before they are licensed and periodically thereafter, with a limit of one financial examination every five years unless the company's financial health declines. This bill allows the commissioner to extend the period between these examinations from up to two additional years to up to three additional years, and in making this decision, the commissioner can now consider the availability of examiners, in addition to the company's reserves and net worth, as factors that might justify an extension.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1931