California 2011-2012 Regular Session Status: In Committee

AB 1004 — Insurance: Conservation and Liquidation Office: receivership.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

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  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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 Conservation and Liquidation Office to report and publish all specified claims on a quarterly basis through a public filing with the court in which an insurer's liquidation proceeding is pending. The bill would require the office to contact the claimants whose claims have been allowed, as provided. The bill would also require the receiver, the Commissioner, or the Conservation and Liquidation Office, as applicable, upon receipt of notice that an allowed claim has been assigned to another party, to process that claim within 21 days.

Bill Text

Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Art. IV, Sec. 10(c) of the Constitution.

  3. In committee: Set, first hearing. Hearing canceled at the request of author.

  4. Re-referred to Com. on INS.

  5. From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.

  6. Referred to Com. on INS.

  7. From printer. May be heard in committee March 22.

  8. 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.

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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.

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Subjects

finance health-insurance
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Frequently asked questions

What does AB 1004 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 Conservation and Liquidation Office to report and publish all specified claims on a quarterly basis through a public filing with the court in which an insurer's liquidation proceeding is pending. The bill would require the office to contact the claimants whose claims have been allowed, as provided. The bill would also require the receiver, the Commissioner, or the Conservation and Liquidation Office, as applicable, upon receipt of notice that an allowed claim has been assigned to another party, to process that claim within 21 days.
Who sponsors AB 1004?
AB 1004 is sponsored by Hagman.
What is the current status of AB 1004?
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 1004?
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Last checked for changes 3 months ago · updated continuously

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