Laws and Regulations - 2001 Legislation

Last Update: November, 2001

Senate Bill 1136 (Polanco)

This bill repealed the pending expiration date on California Insurance Code Sections 703.1 and 1773 (advertising and solicitations by non-admitted insurers and surplus line brokers).

These two laws will now become a permanent part of the California insurance code.

STATUS: This bill was signed into law by Governor Gray Davis in early October and becomes law on January 01, 2002.

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Senate Bill 773 (Speier)

This bill would enact the Financial Information Privacy Act of 2002, which would require a financial institution to provide specified notice to, and to obtain the consent of, a customer before disclosing to or sharing confidential consumer information, as defined, with any nonaffiliated third party, subject to certain exceptions.

STATUS: 7/5/01 Joint Rule 61(a)(9) suspended. This bill was heard in the Senate Insurance Committee for on third time on July 16, 2001.

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Assembly Bill 1727 (Calderon)

This bill would establish non-resident surplus line brokers in addition to regulating retail sales practices, solicitations, advertising, and offers of any insurance product or annuity to a consumer by a depository institution, or any person engaged in those activities at the office of a depository institution or on behalf of a depository institution.

STATUS: In committee: Set, second hearing. Held under submission. The bill is expected to be acted upon in 2002.

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Senate Bill 1136 (Polanco)

This bill would delete the January 1, 2002, repeal of two provisions (Sec. 703.1 and 1773) governing the advertising by nonadmitted carriers and surplus line brokers.

STATUS: 7/12/01 Placed on inactive file on request of Assembly Member Calderon. The bill may be acted upon later this year.

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Assembly Bill 683 (Calderon)

This bill would add exclude the gross surplus line premium tax for finite risk coverage for environmental remediation related insurance products.

STATUS: 4/18/01 In Assembly Insurance Committee: Hearing postponed by committee. This bill will not be considered any further.

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Assembly Bill 1727 (Calderon)
Non-resident Surplus Line Broker Licensing

Introduced on March 26, 2001

Status: Re-referred to Assembly Insurance Committee on May 10 with amendments.

This bill would create a non-resident surplus line brokers license and expand the duties of resident surplus line brokers and the definition of crimes associated with these duties.

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Senate Bill 1136 (Polanco)
Surplus Lines Advertising

Introduced on February 23, 2001 by Senator Richard Polanco (D-Los Angeles)

Status: From Senate Rules Committee with author's amendments. Read second time. Amended. Re-referred to committee.

This bill would repeal the January 1, 2002 expiration date on the advertising provisions of California insurance code sections 703.1 and 1773 dealing with nonadmitted insurers and surplus line brokers advertising activity.

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Assembly Bill 683 (Calderon)
Surplus Line Premium Tax Exemption for finite risk coverage in environmental remediation

Introduced on February 22, 2001 by Assemblyman Thomas Calderon (D-Montebello)

Status: Referred to Assembly Insurance Committee

This bill would exclude finite risk coverage for environmental risk coverage for environmental remediation from the 3% premium tax on California surplus line policies.

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