AB 1130, as introduced, Wilk. Insurance: home protection contracts.
Existing law prohibits a person from issuing home protection contracts in this state unless that person holds a home protection company license issued by the Department of Insurance, except as specified.
This bill would make technical, nonsubstantive changes to that provision.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 12744 of the Insurance Code is amended
2to read:
(a) No person shall issue or offer to issue home
4protection contracts in this state unlessbegin delete suchend deletebegin insert thatend insert personbegin delete holdsend deletebegin insert has
5been issuedend insert a home protection company license issued by the
6department, except as provided in subdivision (b)begin delete of this sectionend delete.
7(b) An insurer
admitted for the class of insurance defined in
8Section 120 is authorized, in addition to the underwriting powers
9granted bybegin delete suchend deletebegin insert thatend insert class, to issue home protection contracts, but
P2 1the provisions of this part shall not be otherwise applicable tobegin delete suchend delete
2begin insert thoseend insert insurers or their contracts.
3(c) No license shall be granted to a foreign applicant that has
4not fulfilled the requirements of Sections 716 and 717. For
5purposes of this part, the term “class of insurance” as used inbegin delete saidend delete
6begin insert
thoseend insert sections shall mean the business of a home protection
7company. This section shall not prohibit the admission of a foreign
8home protection company which has actively transacted home
9protection business in its state of domicile for three years or more.
10(d) The commissioner shall by regulation prescribe forms for
11applications for home protection company licenses consistent with
12the provisions of this part. Any reference tobegin insert aend insert certificate of
13authority in Article 3 (commencing with Section 699) of Chapter
141 of Part 2 of Division 1, shall meanbegin insert aend insert home protection company
15license.
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