California 2009-2010 Regular Session Status: To Executive

SB 291 — Insurance reserves.

Last action — Chaptered by Secretary of State. Chapter 574, Statutes of 2009.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2009-2010 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Existing law requires a mortgage guaranty insurer to maintain a policyholders surplus at all times in an amount not less than that determined pursuant to specified provisions, and defines "face amount of an insured mortgage" for these purposes. Existing law requires a mortgage guaranty insurer to cease new business if the insurer does not have the amount of policyholders surplus required, as specified. This bill would revise the definition of "face amount of an insured mortgage" to exclude the outstanding principal balance of any loan that is in default and for which the insurer has established a loss reserve, as specified. The bill would provide that if a mortgage guaranty insurer will not have the amount of policyholders surplus required, it shall cease transacting new business, as specified, until its policyholders surplus is in compliance. The bill requires that the insurer notify the commissioner at least 60 days prior to the time the policyholders surplus is estimated to fall below the amount required and may at that time request a waiver of the requirements. If the commissioner fails to issue an order in response to the waiver request within 60 days, the insurer may continue transacting new business in California until the commissioner issues an order. The insurer would bear the commissioner's cost of retaining consultants reasonably necessary to evaluate the waiver request, and reimburse the commissioner for the cost of a hearing held, as specified.

Bill Text

Action History

  1. Chaptered by Secretary of State. Chapter 574, Statutes of 2009.

  2. Approved by Governor.

  3. Enrolled. To Governor at 1 p.m.

  4. Senate concurs in Assembly amendments. (Ayes 32. Noes 0. Page 2426.) To enrollment.

  5. In Senate.

  6. Read third time. Passed. (Ayes 78. Noes 0. Page 3376.) To Senate.

  7. Read third time. Amended. (Page 3375.)

  8. Action rescinded whereby the bill was read a third time, urgency clause adopted, passed, and ordered to the Senate.

  9. In Assembly.

  10. (Ayes 23. Noes 11. Page 2404.)

  11. Returned to Assembly for further action.

  12. (Ayes 40. Noes 0. Page 2342.)

  13. Reconsideration granted.

  14. Motion to reconsider made by Senator Calderon.

  15. Senate refuses to concur in Assembly amendments. (Ayes 22. Noes 1. Page 2342.)

  16. Urgency clause refused adoption.

  17. From committee: That the Assembly amendments be concurred in. (Ayes 12. Noes 0. Page 2353.)

  18. Set for hearing September 8.

  19. From committee: Pursuant to Senate Rule 29.10 be re-referred to Com. on B., F. & I. (Ayes 3. Noes 0.) Re-referred to Com. on B., F. & I.

  20. Re-referred to Com. on RLS. pursuant to Senate Rule 29.10.

  21. In Senate. To unfinished business.

  22. Read third time. Urgency clause adopted. Passed. (Ayes 74. Noes 0. Page 2763.) To Senate.

  23. Read second time. To Consent Calendar.

  24. Read second time. Amended. To second reading.

  25. (Heard in committee on August 19.)

  26. From committee: Do pass as amended. To Consent Calendar. (Ayes 17. Noes 0.)

  27. Read second time. Amended. Re-referred to Com. on APPR.

  28. (Heard in committee on July 8.)

  29. From committee: Do pass as amended, but first amend, and re-refer to Com. on APPR. (Ayes 10. Noes 0.)

  30. From committee with author's amendments. Read second time. Amended. Re-referred to Com. on INS.

  31. To Com. on INS.

  32. In Assembly. Read first time. Held at Desk.

  33. Read third time. Passed. (Ayes 37. Noes 0. Page 519.) To Assembly.

  34. Read second time. To Consent Calendar.

  35. From committee: Do pass. To Consent Calendar. (Ayes 9. Noes 0. Page 396.)

  36. Set for hearing April 1.

  37. To Com. on B., F. & I.

  38. From print. May be acted upon on or after March 28.

  39. Introduced. Read first time. To Com. on RLS. for assignment. To print.

Sponsors

  • Calderon · Primary
  • Solorio · Cosponsor

Sponsorship breakdown

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1 sponsors · 1 co-sponsors · 120 not signed on

Sponsors (1)

  • Calderon

Co-sponsors (1)

  • Solorio

Not signed on (120)

120 members have not signed on to this bill.

Show all 120 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

SB 291 Calderon Senate Third Reading By SOLORIO

Passed 90 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 84001
Democratic 3000
Republican 3000
Total 90001
% of votes cast 99%0%0%1%
How each member voted (91)
Member Party Vote
Hall — Yea
Carter — Yea
Eng — Yea
Chesbro — Yea
Conway — Yea
Bill — Yea
Tom — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Saldana — Yea
Audra — Yea
Feuer — Yea
Fuentes — Yea
Fuller — Yea
Furutani — Yea
Galgiani — Yea
Gilmore — Yea
Hagman — Yea
Harkey — Yea
Hernandez — Yea
Hill — Yea
Huffman — Yea
Jeffries — Yea
Knight — Yea
Krekorian — Yea
Logue — Yea
Ma — Yea
Mendoza — Yea
Monning — Yea
Nava — Yea
Nestande — Yea
Silva — Yea
Smyth — Yea
Solorio — Yea
Torlakson — Yea
Torres — Yea
Tran — Yea
Villines — Yea
Charles — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Anderson — Yea
Beall — Yea
Cook — Yea
Coto — Yea
Adams — Yea
Ammiano — Yea
Bass — Yea
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Bradford — Yea
Brownley — Yea
Buchanan — Yea
Hayashi — Yea
Huber — Yea
Lieu — Yea
Miller — Yea
Nielsen — Yea
Ruskin — Yea
Skinner — Yea
Swanson — Yea
Torrico — Yea
Emmerson — Yea
Evans — Yea
Davis — Yea
DeVore — Yea
Yamada — Not Voting
Garrick — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Unfinished Business SB291 Calderon Concurrence

Passed 33 Yea · 0 Nay · 8 Other
Party YeaNayPresentNot Voting
Unaffiliated 31007
Democratic 1001
Republican 1000
Total 33008
% of votes cast 80%0%0%20%
How each member voted (41)
Member Party Vote
Yee — Not Voting
Wyland — Yea
Cedillo — Not Voting
Cogdill — Yea
Hancock — Yea
Harman — Yea
Hollingsworth — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Huff — Yea
Ducheny — Yea
Benoit — Yea
Dutton — Yea
Leno — Yea
Liu — Yea
McLeod — Yea
Oropeza — Not Voting
Price — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Not Voting
Wolk — Yea
Aanestad — Not Voting
Alquist — Yea
Ashburn — Yea
Kehoe — Yea
Maldonado — Yea
Pavley — Yea
Romero — Yea
Simitian — Yea
Wright — Not Voting
Corbett — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Florez — Not Voting
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Not Voting
Strickland, Tony Republican Yea

Official roll call →

Unfinished Business SB291 Calderon Reconsider

Passed 41 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 38000
Democratic 2000
Republican 1000
Total 41000
% of votes cast 100%0%0%0%
How each member voted (41)
Member Party Vote
Yee — Yea
Cedillo — Yea
Cogdill — Yea
Corbett — Yea
Ducheny — Yea
Alquist — Yea
Ashburn — Yea
Benoit — Yea
Wyland — Yea
Lowenthal — Yea
Negrete — Yea
Runner — Yea
Hancock — Yea
Harman — Yea
Hollingsworth — Yea
Kehoe — Yea
Dutton — Yea
Leno — Yea
Liu — Yea
McLeod — Yea
Oropeza — Yea
Price — Yea
Simitian — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Yea
Wolk — Yea
Aanestad — Yea
Huff — Yea
Maldonado — Yea
Pavley — Yea
Romero — Yea
Wright — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Denham — Yea
Florez — Yea
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Unfinished Business SB291 Calderon Urgency Clause

Failed 23 Yea · 1 Nay · 17 Other
Party YeaNayPresentNot Voting
Unaffiliated 211016
Democratic 2000
Republican 0001
Total 231017
% of votes cast 56%2%0%41%
How each member voted (41)
Member Party Vote
Yee — Yea
Hancock — Yea
Cedillo — Yea
Florez — Not Voting
Harman — Not Voting
Hollingsworth — Not Voting
Lowenthal — Yea
Negrete — Yea
Huff — Not Voting
Leno — Yea
Runner — Not Voting
Ducheny — Yea
Liu — Yea
Ashburn — Not Voting
Dutton — Not Voting
McLeod — Yea
Oropeza — Yea
Pavley — Yea
Romero — Yea
Simitian — Yea
Steinberg — Not Voting
Walters — Not Voting
Wiggins — Yea
Wright — Not Voting
Aanestad — Not Voting
Alquist — Yea
Benoit — Not Voting
Kehoe — Yea
Maldonado — Not Voting
Price — Yea
Wolk — Yea
Wyland — Nay
Cogdill — Not Voting
Corbett — Yea
Correa — Yea
Cox — Not Voting
DeSaulnier — Yea
Denham — Not Voting
Calderon, Lisa Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Not Voting

Official roll call →

SB 291 Calderon Consent Calendar Second Day Regular Session

Passed 86 Yea · 0 Nay · 5 Other
Party YeaNayPresentNot Voting
Unaffiliated 80005
Democratic 3000
Republican 3000
Total 86005
% of votes cast 95%0%0%5%
How each member voted (91)
Member Party Vote
Hagman — Yea
Hall — Not Voting
Bill — Yea
Tom — Yea
Ammiano — Yea
Anderson — Yea
Eng — Yea
Fuller — Yea
Furutani — Yea
Charles — Yea
Garrick — Yea
Gilmore — Yea
Harkey — Yea
Hayashi — Yea
Hill — Yea
Huber — Yea
De — Yea
La — Yea
Torre — Yea
De — Yea
Leon — Yea
Jeffries — Yea
Knight — Yea
Fletcher — Yea
Fong — Yea
Bonnie — Yea
Lowenthal — Yea
V. — Yea
Manuel — Yea
Perez — Yea
John — Yea
A. — Yea
Perez — Yea
Portantino — Yea
Salas — Yea
Audra — Yea
Carter — Yea
Chesbro — Yea
Conway — Yea
Cook — Yea
Coto — Yea
Davis — Yea
Duvall — Yea
Lieu — Yea
Logue — Yea
Mendoza — Yea
Miller — Yea
Nava — Yea
Nestande — Yea
Ruskin — Yea
Silva — Yea
Skinner — Yea
Smyth — Yea
Swanson — Yea
Torlakson — Yea
Torrico — Yea
Tran — Yea
Yamada — Yea
Saldana — Not Voting
Fuentes — Not Voting
Bass — Not Voting
Adams — Yea
Beall — Yea
Blakeslee — Yea
Block — Yea
Blumenfield — Yea
Brownley — Yea
Buchanan — Yea
Hernandez — Yea
Huffman — Yea
Krekorian — Yea
Ma — Yea
Monning — Yea
Nielsen — Yea
Solorio — Yea
Torres — Yea
Villines — Yea
Emmerson — Yea
Feuer — Yea
Evans — Not Voting
DeVore — Yea
Galgiani — Yea
Beth Gaines — Yea
Bill Berryhill — Yea
Bill Berryhill — Yea
Arambula, Joaquin Democratic Yea
Caballero, Anna M. Democratic Yea
Calderon, Lisa Democratic Yea
Jones, Brian W. Republican Yea
Niello, Roger W. Republican Yea
Strickland, Tony Republican Yea

Official roll call →

Do pass as amended, to Consent Calendar.

Passed 22 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 20000
Democratic 1000
Republican 1000
Total 22000
% of votes cast 100%0%0%0%
How each member voted (22)
Member Party Vote
Hall — Yea
Conway — Yea
Charles — Yea
De — Yea
Leon — Yea
John — Yea
A. — Yea
Perez — Yea
Audra — Yea
Fuentes — Yea
Harkey — Yea
Hill — Yea
Miller — Yea
Duvall — Yea
Skinner — Yea
Torlakson — Yea
Ammiano — Yea
Solorio — Yea
Coto — Yea
Davis — Yea
Calderon, Lisa Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Consent Calendar 2nd SB291 Committee on B.,F.& I. (Machado)

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 35001
Democratic 2001
Republican 1000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Yee — Yea
Cedillo — Not Voting
Wyland — Yea
Cogdill — Yea
Corbett — Yea
Hancock — Yea
Hollingsworth — Yea
Huff — Yea
Kehoe — Yea
Leno — Yea
Liu — Yea
Negrete — Yea
Runner — Yea
McLeod — Yea
Correa — Yea
Cox — Yea
DeSaulnier — Yea
Ducheny — Yea
Dutton — Yea
Oropeza — Yea
Pavley — Yea
Romero — Yea
Steinberg — Yea
Walters — Yea
Wiggins — Yea
Alquist — Yea
Wright — Yea
Aanestad — Yea
Ashburn — Yea
Benoit — Yea
Harman — Yea
Maldonado — Yea
Simitian — Yea
Wolk — Yea
Denham — Yea
Florez — Yea
Calderon, Lisa Democratic Not Voting
Lowenthal, Josh Democratic Yea
Padilla, Stephen C. Democratic Yea
Strickland, Tony Republican Yea

Official roll call →

Subjects

finance health-insurance
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Frequently asked questions

What does SB 291 do?
Existing law requires a mortgage guaranty insurer to maintain a policyholders surplus at all times in an amount not less than that determined pursuant to specified provisions, and defines "face amount of an insured mortgage" for these purposes. Existing law requires a mortgage guaranty insurer to cease new business if the insurer does not have the amount of policyholders surplus required, as specified. This bill would revise the definition of "face amount of an insured mortgage" to exclude the outstanding principal balance of any loan that is in default and for which the insurer has established a loss reserve, as specified. The bill would provide that if a mortgage guaranty insurer will not have the amount of policyholders surplus required, it shall cease transacting new business, as specified, until its policyholders surplus is in compliance. The bill requires that the insurer notify the commissioner at least 60 days prior to the time the policyholders surplus is estimated to fall below the amount required and may at that time request a waiver of the requirements. If the commissioner fails to issue an order in response to the waiver request within 60 days, the insurer may continue transacting new business in California until the commissioner issues an order. The insurer would bear the commissioner's cost of retaining consultants reasonably necessary to evaluate the waiver request, and reimburse the commissioner for the cost of a hearing held, as specified.
Who sponsors SB 291?
SB 291 is sponsored by Calderon and Solorio.
What is the current status of SB 291?
This bill died with 2009-2010 Regular Session. It reached “To Executive” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 291?
Track SB 291 free on One Click Politics — get push/email alerts when it moves.

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