Bill Text: CA SB30 | 2017-2018 | Regular Session | Amended
Bill Title: Insurance: climate change.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2018-09-21 - Chaptered by Secretary of State. Chapter 614, Statutes of 2018. [SB30 Detail]
Download: California-2017-SB30-Amended.html
Amended
IN
Assembly
June 21, 2018 |
Amended
IN
Assembly
May 30, 2018 |
Amended
IN
Assembly
August 31, 2017 |
Amended
IN
Senate
May 26, 2017 |
Amended
IN
Senate
April 17, 2017 |
Amended
IN
Senate
February 16, 2017 |
Senate Bill | No. 30 |
Introduced by Senator Lara (Coauthor: Senator Stern) |
December 05, 2016 |
LEGISLATIVE COUNSEL'S DIGEST
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NOBill Text
The people of the State of California do enact as follows:
SECTION 1.
The Legislature finds and declares all of the following:(e)Swiss Re Ltd. and The Nature Conservancy, a nongovernmental organization, pioneered an insurance policy in Cancun, Mexico. In this policy, local organizations with an interest in coral reef tourism pay into a collective insurance premium. The reef provides protection against storm events. If any destructive storms damage the reef system, the insurer will pay out sums for restoration.
(f)In addition, Swiss Re Ltd. is working with the country of Barbados to proactively invest in protecting and restoring mangrove swamps and coral reefs to mitigate future hurricane losses.
(g)These examples are thought to be the first in the world to tie environmental benefits and the ecosystem services, such as storm protection, provided by natural environmental features to firm monetary costs and rewards.
SEC. 2.
Section 12922.5 is added to the Insurance Code, to read:12922.5.
(a) The commissioner shall convene a working group to identify, assess, and recommend(3)
(4)
(b)