BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
AB 387 (McCarty) - Insurance: life and disability policies
-----------------------------------------------------------------
| |
| |
| |
-----------------------------------------------------------------
|--------------------------------+--------------------------------|
| | |
|Version: June 29, 2015 |Policy Vote: INS. 8 - 0 |
| | |
|--------------------------------+--------------------------------|
| | |
|Urgency: No |Mandate: No |
| | |
|--------------------------------+--------------------------------|
| | |
|Hearing Date: August 27, 2015 |Consultant: Brendan McCarthy |
| | |
-----------------------------------------------------------------
*********** ANALYSIS ADDENDUM - SUSPENSE FILE ***********
The following information is revised to reflect amendments
adopted by the committee on August 27, 2015
Bill
Summary: AB 387 would extend the time allowed for the Insurance
Commissioner to review disability insurance policies from 30
days to 120 days. The bill would require the Insurance
Commissioner to advise a multistate regulatory support
organization regarding a report that compares California
insurance standards with those developed by the Interstate
Insurance Product Regulation Commission.
Fiscal
Impact:
One-time costs of about $400,000 to develop procedures for
reviewing disability insurance policies and developing and
publishing procedural requirements and guidelines for use by
insurance companies when making filings by the Department of
Insurance (Insurance Fund).
AB 387 (McCarty) Page 1 of
?
Unknown costs to prepare a report comparing California
insurance standards to those developed by the Interstate
Insurance Product Regulation Commission (private funds). The
bill requires the report to be commissioned and paid for by a
non-state entity and specifically prohibits the use of General
Fund or Insurance Fund monies for implementation of that
section of the bill (which would indicate that donated funds
would also be used for any significant internal costs
associated with the report incurred by the Department).
Author
Amendments: Require the study to be commissioned and paid for
by a multistate regulatory support organization, in consultation
with the Insurance Commissioner.
-- END --