Property insurance: Seismic Safety Account.

Existing law created the Seismic Safety Account as a special account within the Insurance Fund with the funds to be distributed, upon appropriation, to the Alfred E. Alquist Seismic Safety Commission for the support of the commission and to the Department of Insurance for the actual administrative costs incurred in collecting the assessments. In order to fund the account, an assessment, as specified, is imposed on each person who owns real property, commercial or residential, that is covered by a property insurance policy. This bill would extend that assessment to each person who rents or leases real property, commercial or residential, that is covered by a property insurance policy. This bill would declare that it is to take effect immediately as an urgency statute.