BILL ANALYSIS                                                                                                                                                                                                    �



                                                                            



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                                    THIRD READING


          Bill No:  AB 1472
          Author:   Assembly Budget Committee
          Amended:  6/12/14 in Senate
          Vote:     27 - Urgency

           
           SENATE BUDGET AND FISCAL REVIEW COMM.  :  Not available

           ASSEMBLY FLOOR  :  Not relevant


           SUBJECT  :    Property insurance:  Seismic Safety Account

           SOURCE  :     Author


           DIGEST  :    This bill makes statutory changes necessary for the  
          continued funding of the Seismic Safety Commission (SSC).

           ANALYSIS  :    Existing law created the Seismic Safety Account  
          (Account), within the Insurance Fund.  Funds from the Account  
          are to be distributed, upon appropriation, to the Alfred E.  
          Alquist SSC and to the Department of Insurance for costs related  
          to the administration of the assessment.  The Account is funded  
          by an assessment on each individual that owns real property,  
          commercial or residential, that is covered by a property  
          insurance policy.  

          This bill extends the assessment to each individual that rents  
          or leases property, commercial or residential, that is covered  
          by an insurance policy.  

           FISCAL EFFECT  :    Appropriation:  No   Fiscal Com.:  Yes    






                                                                    AB 1472
                                                                     Page  
          2

          Local:  No



          According to the Department of Finance, this assessment on  
          commercial or residential property will generate an additional  
          $300,000 annually.  


          JG:k  6/15/14   Senate Floor Analyses 

                         SUPPORT/OPPOSITION:  NONE RECEIVED

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