SB 50, as introduced, Walters. Insurance rates.
Under existing law, for specified purposes, 2 or more admitted insurers having a common ownership or operating in this state under common management or control may act in concert between or among themselves as if they constituted a single insurer.
This bill would make technical, nonsubstantive changes to these provisions.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 1853.5 of the Insurance Code is amended
2to read:
With respect tobegin delete any matters pertaining toend delete the making
4of rates or rating systems, the preparation or making of insurance
5policy or bond forms, underwriting rules, surveys, inspections and
6investigations, the furnishing of loss or expense statistics or other
7information and data, or carrying on of research, two or more
8admitted insurers having a common ownership or operating in this
9begin delete Stateend deletebegin insert stateend insert under common management orbegin delete control,end deletebegin insert
controlend insert are
10hereby authorized to act in concert between or among themselves
11begin delete the sameend delete
as if theybegin delete constitutedend deletebegin insert wereend insert a singlebegin delete insurer,end deletebegin insert insurerend insert andbegin insert,end insert
P2 1 to the extent thatbegin delete suchend deletebegin insert thoseend insert matters relate tobegin delete co-suretyend deletebegin insert cosuretyend insert
2 bonds,
two or more admitted insurers executingbegin delete suchend deletebegin insert
thoseend insert bonds
3are hereby authorized to act in concert between or among
4themselvesbegin delete the sameend delete as if they constituted a single insurer.
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