California 2019-2020 Regular Session Status: Enacted

AB 2049 — Reinsurance credit.

Last action — Chaptered by Secretary of State - Chapter 71, Statutes of 2020.

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

This bill has been enacted into law. Introduced February 03, 2020. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 5 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and prescribes the commissioner's powers and duties. Existing law requires an insurer to file financial statements with the commissioner. For purposes of those financial statements, existing law authorizes a domestic insurer to take a credit for reinsurance if the reinsurance is ceded to an assuming insurer that has been certified by the commissioner as a reinsurer in this state and the insurer secures its obligations in accordance with certain requirements. This bill would extend credit for reinsurance when the reinsurance is ceded to an assuming insurer that has its head office or is domiciled in and is licensed in a reciprocal jurisdiction if specified requirements are met, including solvency requirements and specified assurances from the assuming insurer. The bill would require the commissioner to timely create and publish a list of reciprocal jurisdictions and a list of assuming insurers receiving a credit with a head office or domicile in and that are licensed in a reciprocal jurisdiction. Existing law requires a certified reinsurer to file with the commissioner audited financial statements, regulatory filings, and an actuarial opinion, as specified. Existing law requires a certified reinsurer, upon initial application for certification, to submit audited financial statements for the last 3 years, as specified. This bill would require those documents to include a translation into English, and would require, upon initial certification, audited financial statements for the last 2 years, as specified.

Bill Text

Action History

  1. Chaptered by Secretary of State - Chapter 71, Statutes of 2020.

  2. Approved by the Governor.

  3. Enrolled and presented to the Governor at 2 p.m.

  4. In Assembly. Ordered to Engrossing and Enrolling.

  5. Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 4376.).

  6. Read second time. Ordered to Consent Calendar.

  7. From committee: Be ordered to second reading file pursuant to Senate Rule 28.8 and ordered to Consent Calendar.

  8. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 13. Noes 0.) (August 4). Re-referred to Com. on APPR.

  9. Referred to Com. on INS.

  10. In Senate. Read first time. To Com. on RLS. for assignment.

  11. Read third time. Passed. Ordered to the Senate. (Ayes 76. Noes 0. Page 4725.)

  12. Read second time. Ordered to Consent Calendar.

  13. From committee: Do pass. To Consent Calendar. (Ayes 18. Noes 0.) (June 2).

  14. From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 14. Noes 0.) (May 7). Re-referred to Com. on APPR.

  15. Re-referred to Com. on INS.

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

  17. Referred to Com. on INS.

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

  19. Read first time. To print.

Sponsors

  • Cooley · Primary

Sponsorship breakdown

Export CSV (upgrade) →

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

Sponsors (1)

  • Cooley

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

Consent Calendar AB2049

Passed 39 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 27000
Democratic 10000
Republican 2001
Total 39001
% of votes cast 98%0%0%3%
How each member voted (40)
Member Party Vote
Bradford — Yea
Morrell — Yea
Hill — Yea
Hertzberg — Yea
Melendez — Yea
Wieckowski — Yea
Portantino — Yea
Monning — Yea
Bates — Yea
Nielsen — Yea
Moorlach — Yea
Chang — Yea
Skinner — Yea
Hueso — Yea
Pan — Yea
Borgeas — Yea
Rubio — Yea
Dodd — Yea
Wilk — Yea
Allen — Yea
Roth — Yea
Leyva — Yea
Atkins — Yea
Mitchell — Yea
Beall — Yea
Galgiani — Yea
Glazer — Yea
Archuleta, Bob Democratic Yea
Caballero, Anna M. Democratic Yea
Durazo, Maria Elena Democratic Yea
Gonzalez, Lena A. Democratic Yea
Hurtado, Melissa Democratic Yea
Jackson, Corey A. Democratic Yea
McGuire, Mike Democratic Yea
Stern, Henry I. Democratic Yea
Umberg, Thomas J. Democratic Yea
Wiener, Scott D. Democratic Yea
Dahle, Megan Republican Yea
Grove, Shannon Republican Yea
Jones, Brian W. Republican Not Voting

Official roll call →

Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar

Passed 13 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 11000
Democratic 1000
Republican 1000
Total 13000
% of votes cast 100%0%0%0%
How each member voted (13)
Member Party Vote
Portantino — Yea
Moorlach — Yea
Mitchell — Yea
Glazer — Yea
Roth — Yea
Hueso — Yea
Dodd — Yea
Rubio — Yea
Bates — Yea
Galgiani — Yea
Borgeas — Yea
Archuleta, Bob Democratic Yea
Jones, Brian W. Republican Yea

Official roll call →

AB 2049 Cooley Consent Calendar Second Day

Passed 76 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Democratic 21001
Unaffiliated 49002
Republican 6000
Total 76003
% of votes cast 96%0%0%4%
How each member voted (79)
Member Party Vote
Holden — Yea
Maienschein — Yea
Friedman — Yea
Cooper — Yea
Smith — Yea
Kiley — Yea
Brough — Yea
Nazarian — Yea
Weber — Yea
Diep — Yea
Bigelow — Yea
Rendon — Yea
Rodriguez — Yea
McCarty — Yea
Bloom — Yea
Burke — Yea
Daly — Yea
Cooley — Yea
Gloria — Yea
Mullin — Yea
Salas — Yea
Fong — Yea
Levine — Yea
Eggman — Yea
Medina — Yea
Waldron — Yea
Gonzalez — Yea
Wood — Yea
Kamlager — Yea
O'Donnell — Yea
Chiu — Yea
Chu — Yea
Cunningham — Yea
Jones-Sawyer — Yea
Ting — Yea
Voepel — Yea
Gray — Yea
Chau — Yea
Mathis — Yea
Frazier — Yea
Obernolte — Yea
Mayes — Yea
Santiago — Yea
Low — Not Voting
Quirk — Not Voting
Cristina Garcia — Yea
Eduardo Garcia — Yea
Jim Patterson — Yea
Luz Rivas — Yea
Mark Stone — Yea
Wendy Carrillo — Yea
Aguiar-Curry, Cecilia M. Democratic Yea
Arambula, Joaquin Democratic Yea
Bauer-Kahan, Rebecca Democratic Yea
Berman, Marc Democratic Yea
Boerner, Tasha Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Cervantes, Sabrina Democratic Yea
Gabriel, Jesse Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Irwin, Jacqui Democratic Yea
Kalra, Ash Democratic Yea
Limón, Monique Democratic Yea
Muratsuchi, Al Democratic Not Voting
Petrie-Norris, Cottie Democratic Yea
Quirk-Silva, Sharon Democratic Yea
Ramos, James C. Democratic Yea
Reyes, Eloise Gómez Democratic Yea
Rivas, Robert Democratic Yea
Rubio, Blanca E. Democratic Yea
Wicks, Buffy Democratic Yea
Chen, Phillip Republican Yea
Choi, Steven S. Republican Yea
Dahle, Megan Republican Yea
Flora, Heath Republican Yea
Gallagher, James Republican Yea
Lackey, Tom Republican Yea

Official roll call →

Do pass. To Consent Calendar.

Passed 18 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democratic 6000
Unaffiliated 11000
Republican 1000
Total 18000
% of votes cast 100%0%0%0%
How each member voted (18)
Member Party Vote
Fong — Yea
McCarty — Yea
Voepel — Yea
Chau — Yea
Bloom — Yea
Eggman — Yea
Gonzalez — Yea
Diep — Yea
Bigelow — Yea
Eduardo Garcia — Yea
Wendy Carrillo — Yea
Bauer-Kahan, Rebecca Democratic Yea
Bonta, Mia Democratic Yea
Calderon, Lisa Democratic Yea
Gabriel, Jesse Democratic Yea
Petrie-Norris, Cottie Democratic Yea
Rivas, Robert Democratic Yea
Dahle, Megan Republican Yea

Official roll call →

Do pass and be re-referred to the Committee on [Appropriations] with recommendation: To Consent Calendar

Passed 14 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Democratic 4000
Republican 1000
Total 14000
% of votes cast 100%0%0%0%
How each member voted (14)
Member Party Vote
Kamlager — Yea
Cooley — Yea
Cooper — Yea
Voepel — Yea
Frazier — Yea
Wood — Yea
Mayes — Yea
Daly — Yea
Bigelow — Yea
Berman, Marc Democratic Yea
Gipson, Mike A. Democratic Yea
Grayson, Timothy S. Democratic Yea
Rivas, Robert Democratic Yea
Chen, Phillip Republican 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 2049 do?
Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and prescribes the commissioner's powers and duties. Existing law requires an insurer to file financial statements with the commissioner. For purposes of those financial statements, existing law authorizes a domestic insurer to take a credit for reinsurance if the reinsurance is ceded to an assuming insurer that has been certified by the commissioner as a reinsurer in this state and the insurer secures its obligations in accordance with certain requirements. This bill would extend credit for reinsurance when the reinsurance is ceded to an assuming insurer that has its head office or is domiciled in and is licensed in a reciprocal jurisdiction if specified requirements are met, including solvency requirements and specified assurances from the assuming insurer. The bill would require the commissioner to timely create and publish a list of reciprocal jurisdictions and a list of assuming insurers receiving a credit with a head office or domicile in and that are licensed in a reciprocal jurisdiction. Existing law requires a certified reinsurer to file with the commissioner audited financial statements, regulatory filings, and an actuarial opinion, as specified. Existing law requires a certified reinsurer, upon initial application for certification, to submit audited financial statements for the last 3 years, as specified. This bill would require those documents to include a translation into English, and would require, upon initial certification, audited financial statements for the last 2 years, as specified.
Who sponsors AB 2049?
AB 2049 is sponsored by Cooley.
What is the current status of AB 2049?
This bill has been enacted into law. Introduced February 03, 2020. Enacted.
Where can I track AB 2049?
Track AB 2049 free on One Click Politics — get push/email alerts when it moves.

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Last checked for changes 3 months ago · updated continuously

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