California Assembly Bill AB1130 Introduced / Bill

 BILL NUMBER: AB 1130INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Wilk FEBRUARY 22, 2013 An act to amend Section 12744 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGEST AB 1130, as introduced, Wilk. Insurance: home protection contracts. Existing law prohibits a person from issuing home protection contracts in this state unless that person holds a home protection company license issued by the Department of Insurance, except as specified. This bill would make technical, nonsubstantive changes to that provision. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 12744 of the Insurance Code is amended to read: 12744. (a) No person shall issue or offer to issue home protection contracts in this state unless  such   that  person  holds   has been issued  a home protection company license issued by the department, except as provided in subdivision (b)  of this section  . (b) An insurer admitted for the class of insurance defined in Section 120 is authorized, in addition to the underwriting powers granted by  such   that  class, to issue home protection contracts, but the provisions of this part shall not be otherwise applicable to  such   those  insurers or their contracts. (c) No license shall be granted to a foreign applicant that has not fulfilled the requirements of Sections 716 and 717. For purposes of this part, the term "class of insurance" as used in  said   those  sections shall mean the business of a home protection company. This section shall not prohibit the admission of a foreign home protection company which has actively transacted home protection business in its state of domicile for three years or more. (d) The commissioner shall by regulation prescribe forms for applications for home protection company licenses consistent with the provisions of this part. Any reference to  a  certificate of authority in Article 3 (commencing with Section 699) of Chapter 1 of Part 2 of Division 1, shall mean  a  home protection company license.