CA AB 1140
Title: Insurance.
Author: House Insurance Committee
Summary
AB 1140, Committee on Insurance. Insurance. (1) Existing law requires an owner or operator of a motor vehicle, or an owner of a vehicle used to transport passengers for hire not regulated by the Public Utilities Commission, to maintain liability insurance coverage for the named insured and any other person using the vehicle with permission in the amount of $15,000 for the bodily injury or death of any one person, $30,000 for the bodily injury or death of all persons, and $5,000 for damage to the property of others resulting from any one accident.Commencing on January 1, 2025, existing law would increase those minimum coverage amounts to $30,000 for the bodily injury or death of any one person, $60,000 for the bodily injury or death of all persons, and $15,000 for damage to the property of others resulting from any one accident, and would again increase those amounts, as specified, on January 1, 2035.This bill would limit application of the above-described increases for minimum liability insurance coverage to those policies and bonds that are issued or renewed on or after January 1, 2025, and on or after January 1, 2035, as applicable.(2) Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and generally regulates the business of insurance in the state. Existing law requires, biennially on July 1 of each even-numbered year after July 1, 2020, each admitted insurer with California premiums written of $75,000,000 or more to report to the commissioner on its minority, lesbian, gay, bisexual, and transgender (LGBT), veteran, and disabled veteran-owned business procurement efforts and its governing board and board diversity efforts during the previous 2 years. Existing law requires the commissioner to establish and appoint an Insurance Diversity Task Force with at least 13, but not more than 15, members, including 2 members who are representatives of a minority business enterprise and a member who is a representative of an LGBT business enterprise.This bill would include persons with disabilities, as defined, as part of each admitted insurer’s procurement and diversity efforts that it reports to the commissioner biennially. The bill would require a member of the Insurance Diversity Task Force to be a member who is a representative of a persons with disabilities business enterprise, as defined.(3) Existing law prescribes the commissioner’s powers and duties, including various duties to regulate the business of insurance in this state and to enforce the execution of those laws. Existing law provides for the issuance of various licenses under the jurisdiction of the commissioner.Existing law requires specified businesses and corporations to file certain business-related information with the Secretary of State and to pay specified filing fees. Existing law authorizes the Secretary of State to suspend the powers, rights, and privileges of a corporation if the corporation fails to perform specified acts.This bill would make inactive the license of a licensee that is suspended by the Secretary of State. The bill would prohibit the licensee from conducting any activity for which a license issued by the commissioner is required until the licensee is no longer suspended by the Secretary of State.(4) Existing law requires the commissioner to submit to the Department of Justice fingerprint images and related information as specified by statute for specified applicants applying for a license, including a surplus line broker and a car rental agent. Existing law also requires the commissioner to give monthly qualifying examinations in each of the cities in which the commissioner has an office.This bill would require the commissioner to submit fingerprint images and related information for applicants applying for a license as a self-service storage agent, a variable life and variable annuity agent, and a vehicle service contract provider. The bill would, instead, require the commissioner to administer qualifying l
Status
Enrolled and presented to the Governor at 3 p.m.
Bill Documents
CA AB 1140 - 08/29/23 - Enrolled
08/29/23 - CA AB 1140 (08/29/23 - Enrolled)
CA AB 1140 - 06/21/23 - Amended Senate
06/21/23 - CA AB 1140 (06/21/23 - Amended Senate)
CA AB 1140 - 04/18/23 - Amended Assembly
04/18/23 - CA AB 1140 (04/18/23 - Amended Assembly)
CA AB 1140 - 02/15/23 - Introduced
02/15/23 - CA AB 1140 (02/15/23 - Introduced)