California 2011-2012 Regular Session Status: In Committee

SB 714 — Insurance: holding companies.

Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.

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

This bill died with 2011-2012 Regular Session. It reached “In Committee” 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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, the Insurance Holding Company System Regulatory Act, provides for regulation by the Department of Insurance of certain transactions involving 2 or more affiliated persons, at least one of which is an insurer. Under the act, the Insurance Commissioner is authorized to order an insurer subject to registration to produce records, books, or other information or papers in the possession of the insurer or its affiliates as necessary to ascertain the financial condition or legality of conduct of the insurer, as specified. This bill would, for purposes of the act, revise the definition of "insurer" to exclude agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. The bill would further define the term "enterprise risk" to mean any activity, circumstance, or event, or series of events, involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its holding company system as a whole, as specified.

Bill Text

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Action History

  1. Returned to Secretary of Senate pursuant to Joint Rule 56.

  2. Set, first hearing. Hearing canceled at the request of author.

  3. Set for hearing April 27.

  4. Referred to Com. on INS.

  5. From printer. May be acted upon on or after March 22.

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

Sponsors

  • Committee on Insurance · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

  • Committee on Insurance

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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

Subjects

finance health-insurance
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Frequently asked questions

What does SB 714 do?
Existing law, the Insurance Holding Company System Regulatory Act, provides for regulation by the Department of Insurance of certain transactions involving 2 or more affiliated persons, at least one of which is an insurer. Under the act, the Insurance Commissioner is authorized to order an insurer subject to registration to produce records, books, or other information or papers in the possession of the insurer or its affiliates as necessary to ascertain the financial condition or legality of conduct of the insurer, as specified. This bill would, for purposes of the act, revise the definition of "insurer" to exclude agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state. The bill would further define the term "enterprise risk" to mean any activity, circumstance, or event, or series of events, involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its holding company system as a whole, as specified.
Who sponsors SB 714?
SB 714 is sponsored by Committee on Insurance.
What is the current status of SB 714?
This bill died with 2011-2012 Regular Session. It reached “In Committee” 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 714?
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