California Gov. Jerry Brown signed nine bills sponsored by Insurance Commissioner Dave Jones this legislative year, giving Jones a perfect record on bills that reached Brown’s desk.
“We are very pleased that the governor signed all nine of our sponsored bills sent to him that increase safeguards for California’s consumers, seniors, and hard-working families,” Jones said in a statement.
The bills are:
AB 315 – Authored by Assembly Insurance Committee Chair Jose Solorio. “Surplus Lines Insurance Marketplace Reform” (Chapter 83, Statutes of 2011), adds uniformity to California’s regulatory law as it pertains to the surplus lines insurance marketplace and the state’s surplus lines tax collection activities.
AB 624 – Jointly authored by Assembly Speaker John A. Pérez and Assembly Budget Committee Chair Bob Blumenfield. “California Organized Investment Network (COIN) Program Community Reinvestment Extension Act” (Chapter 436, Statutes of 2011) extends the sunset date to Jan. 1, 2015 on the California Organized Investment Network’s (COIN) Tax Credit Program, which was set to expire at the end of this year.
AB 689 – Authored by Assembly Budget Committee Chair Bob Blumenfield. “Landmark Annuity Suitability Reform” (Chapter 295, Statutes of 2011) establishes landmark consumer protections in the annuities marketplace to protect the public, particularly seniors, from fraudulent activities involving these complex insurance products.
AB 793 – Authored by Assembly Banking & Finance Committee Chair Mike Eng. “Prohibition of Insurance Product Cross-Selling with Reverse Mortgage Lenders” (Chapter 223, statutes of 2011) limits insurance agents’ and brokers’ ability to “cross-sell” reverse equity mortgages and annuities.
AB 1416 – Authored by the Assembly Insurance Committee. “Insurance Code Reforms” (Chapter 411, Statutes of 2011) makes several changes to various Insurance Code sections regarding agent licensing, training and previously enacted legislation.
SB 51 – Authored by Senator Elaine Alquist. “Medical Loss Ratio Enforcement” (Chapter 644, Statutes of 2011) law requires health insurers and HMOs to put a larger share of the money they collect from consumers into actual medical care instead of overhead and profits.
SB 599 – Authored by Senate Appropriations Committee Chair Christine Kehoe. “Retained-Asset Account Consumer Choice and Disclosure Reform” (Chapter 423, Statutes of 2011) requires life insurers to obtain a beneficiary’s written declaration as to how he or she wants to receive their benefit payment.
SB 621 – Authored by Senate Insurance Committee Chair Ron Calderon. “Discretionary Clause Prohibition” (Chapter 425, Statutes of 2011) protects consumers of life, health, and disability insurance from “discretionary clauses” in their insurance policies, which give the insurer the sole discretion to decide if a beneficiary has become disabled, even if the consumer has a doctor certify that they are disabled.
SB 684 – Authored by Senate Majority Leader Ellen Corbett on “Mandatory Out-of-State Workers’ Compensation Insurance Arbitration Disclosure” (Chapter 566, Statutes of 2011) protects California’s businesses by preventing workers’ compensation insurers from unilaterally forcing California businesses to other states like New York or Delaware to resolve disputes, without the California business’s consent.
Was this article valuable?
Here are more articles you may enjoy.