AB 705 California Assembly · 2011-2012 Regular Session

Insurance: risk retention.

Summary

Existing law prohibits domestic insurers from acquiring foreign investments from or located in foreign jurisdictions designated as state sponsors of terrorism by the United States Secretary of State. This bill would prohibit a domestic insurer from acquiring any direct or indirect investment, as defined, in Iran. The bill would disallow and treat as a nonadmitted asset on the financial statements required to be filed with the Insurance Commissioner any direct or indirect investment of an admitted foreign insurer in Iran.

Bill status failed 1 of 4 stages cleared

Introduction

Feb 2011

Committee Review

Floor Vote

Governor

Introduced Feb 17, 2011 Last action Feb 1, 2012

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 28, 2011

Committee

Re-referred to Com. on INS.

lower

Apr 13, 2011

Lower · Passed

In committee: Set, first hearing. Hearing canceled at the request of author.

lower

Mar 7, 2011

Committee

Referred to Com. on INS.

lower

Feb 18, 2011

Lower · Passed

From printer. May be heard in committee March 20.

lower

1 primary · 2 co-sponsors