Motor vehicle insurance: rates.

Existing regulations require the Insurance Commissioners to calculate an efficiency standard, or defined in connection with setting insurance rates pursuant to Proposition 103, approved by voters in the November 8, 1988, statewide general election. This bill would exclude expenses paid to credit card issuers by the insurer as a result of premiums paid by credit card from the calculation to determine the insurer's efficiency standard. This bill would find and declare that this act furthers the purposes of Proposition 103, and would make supporting and related findings and declarations. Because this bill would amend Proposition 103, it would require a 23 vote of each house of the Legislature for enactment.