California Legislature—2015–16 Regular Session

Assembly Bill No. 1893

Introduced by Assembly Member Melendez

February 11, 2016

An act to amend Section 124 of the Insurance Code, relating to insurance.

LEGISLATIVE COUNSEL’S DIGEST

AB 1893, as introduced, Melendez. Insurance: financial guaranty insurance.

Existing law divides insurance in this state into various classes, including financial guaranty insurance, defined as a surety bond, an insurance policy, or, when issued by an insurer, an indemnity contract and any similar guarantee, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee as a result of specified events.

This bill would make technical, nonsubstantive changes to the provision referencing the definition of financial guaranty insurance.

Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.

The people of the State of California do enact as follows:

SECTION 1.  

Section 124 of the Insurance Code is amended
to read:

124.  

“Financial guaranty insurance” means begin delete that end delete begin insert the end insert insurance
as defined begin delete by end delete begin insert in end insert Section 12100.