BILL ANALYSIS Ó AB 2884 Page 1 CONCURRENCE IN SENATE AMENDMENTS AB 2884 (Committee on Insurance) As Amended August 15, 2016 Majority vote -------------------------------------------------------------------- |ASSEMBLY: | 79-0 | (April 21, |SENATE: | 39-0 |(August 17, | | | |2016) | | |2016) | | | | | | | | | | | | | | | -------------------------------------------------------------------- Original Committee Reference: INS. SUMMARY: Makes numerous minor or technical changes to the Insurance Code. The Senate amendments clarify existing law regarding actuarial filings to the Department of Insurance (DOI), require the creation of an electronic filing system for consumer complaints, restore a provision defining private passenger automobile insurance, and repeal an obsolete section of the Insurance Code. EXISTING LAW: 1)Defines a private passenger automobile policy. 2)Requires individuals who transact insurance to be licensed by AB 2884 Page 2 the DOI. 3)Requires individuals licensed by the DOI to submit any fictitious name for doing business other than that listed on their license to the DOI and permits the commissioner to disapprove that name if it is misleading or too similar to another name already in use. 4)Requires the commissioner to publish a long-term care insurance consumer rate guide that includes the rate history for individual long-term care insurance products. 5)Requires individuals acting as an independent adjuster or public adjuster to be licensed by the DOI. 6)Authorizes a charitable or qualified educational organization to be licensed by the DOI as a grants and annuities society that can accept gifts in exchange for providing the donor with an annuity. FISCAL EFFECT: Unknown COMMENTS: 1)Purpose. This is the annual Department of Insurance (DOI) omnibus bill. It contains numerous minor or non-controversial changes to the Insurance Code. Analysis Prepared by: Paul Riches / INS. / (916) 319-2086 FN: 0004279 AB 2884 Page 3