Bill Text: CA AB1893 | 2015-2016 | Regular Session | Introduced

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Bill Title: Insurance: financial guaranty insurance.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2016-11-30 - Died at Desk. [AB1893 Detail]

Download: California-2015-AB1893-Introduced.html

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BILL NUMBER: AB 1893	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Melendez

                        FEBRUARY 11, 2016

   An act to amend Section 124 of the Insurance Code, relating to
insurance.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 1893, as introduced, Melendez. Insurance: financial guaranty
insurance.
   Existing law divides insurance in this state into various classes,
including financial guaranty insurance, defined as a surety bond, an
insurance policy, or, when issued by an insurer, an indemnity
contract and any similar guarantee, under which loss is payable upon
proof of occurrence of financial loss to an insured claimant,
obligee, or indemnitee as a result of specified events.
   This bill would make technical, nonsubstantive changes to the
provision referencing the definition of financial guaranty insurance.

   Vote: majority. Appropriation: no. Fiscal committee: no.
State-mandated local program: no.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Section 124 of the Insurance Code is amended to read:
   124.  "Financial guaranty insurance" means  that 
 the  insurance as defined  by  in
 Section 12100.