California 2011-2012 Regular Session Status: In Committee

AB 1734 — Insurance: Conservation and Liquidation Office.

Last action — Re-referred to Com. on JUD.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 authorizes the Insurance Commissioner to petition the superior court of the county in which an insurer has its principal office for an order vesting title of all assets of that insurer in the commissioner, in his or her official capacity, under specified circumstances. Upon taking possession of the property and business, the commissioner is authorized to act, except as specified, as either conservator or liquidator. Existing law provides that there is associated with the Department of Insurance a Conservation and Liquidation Office with certain duties and obligations. This bill would require the Insurance Commissioner, through the Conservation and Liquidation Office, to develop a report of allowed claims for corporations, limited liability companies, limited liability partnerships, and partnerships. The bill would require the office to contact the claimants whose claims have been allowed, as provided. The bill would require the receiver, the Insurance Commissioner, or the Conservation and Liquidation Office, as applicable, upon receipt of notice that an allowed claim has been assigned to another party, to take specified actions within 30 days, including changing the payee designation to reflect the claim purchaser. The bill would prohibit the office from accepting a claim assignment request 30 days or less before distribution of the claim or 60 days after the claim distribution has been made, and would allow the office to charge a fee to the party requesting the reassignment of the claim to cover the reasonable costs of administering the reassignment, not to exceed $250. The bill would also provide that the office be held harmless from and indemnified against any harm or economic loss suffered by the claim purchaser due to misrepresentation by the assignor.

Bill Text

Action History

  1. Re-referred to Com. on JUD.

  2. Read second time and amended.

  3. From committee: Do pass as amended and re-refer to Com. on JUD. (Ayes 7. Noes 3.) (April 18).

  4. Referred to Coms. on INS. and JUD.

  5. From printer. May be heard in committee March 18.

  6. Read first time. To print.

Sponsors

  • Hagman · Primary

Sponsorship breakdown

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

Sponsors (1)

  • Hagman

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

Show all 121 →

"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

Do pass as amended and be re-referred to the Committee on Judiciary.

Passed 7 Yea · 3 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 6303
Democratic 1000
Total 7303
% of votes cast 54%23%0%23%
How each member voted (13)
Member Party Vote
Carter — Not Voting
Feuer — Nay
Hagman — Yea
Hayashi — Nay
Bradford — Yea
Miller — Yea
Olsen — Yea
Solorio — Yea
Torres — Not Voting
Wieckowski — Nay
Skinner — Not Voting
Beth Gaines — Yea
Calderon, Lisa Democratic Yea

Official roll call →

Subjects

finance health-insurance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 1734 do?
Existing law authorizes the Insurance Commissioner to petition the superior court of the county in which an insurer has its principal office for an order vesting title of all assets of that insurer in the commissioner, in his or her official capacity, under specified circumstances. Upon taking possession of the property and business, the commissioner is authorized to act, except as specified, as either conservator or liquidator. Existing law provides that there is associated with the Department of Insurance a Conservation and Liquidation Office with certain duties and obligations. This bill would require the Insurance Commissioner, through the Conservation and Liquidation Office, to develop a report of allowed claims for corporations, limited liability companies, limited liability partnerships, and partnerships. The bill would require the office to contact the claimants whose claims have been allowed, as provided. The bill would require the receiver, the Insurance Commissioner, or the Conservation and Liquidation Office, as applicable, upon receipt of notice that an allowed claim has been assigned to another party, to take specified actions within 30 days, including changing the payee designation to reflect the claim purchaser. The bill would prohibit the office from accepting a claim assignment request 30 days or less before distribution of the claim or 60 days after the claim distribution has been made, and would allow the office to charge a fee to the party requesting the reassignment of the claim to cover the reasonable costs of administering the reassignment, not to exceed $250. The bill would also provide that the office be held harmless from and indemnified against any harm or economic loss suffered by the claim purchaser due to misrepresentation by the assignor.
Who sponsors AB 1734?
AB 1734 is sponsored by Hagman.
What is the current status of AB 1734?
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 AB 1734?
Track AB 1734 free on One Click Politics — get push/email alerts when it moves.

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