California Assembly Bill AB1893 Introduced / Bill

 BILL NUMBER: AB 1893INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Melendez FEBRUARY 11, 2016 An act to amend Section 124 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGEST AB 1893, as introduced, Melendez. Insurance: financial guaranty insurance. Existing law divides insurance in this state into various classes, including financial guaranty insurance, defined as a surety bond, an insurance policy, or, when issued by an insurer, an indemnity contract and any similar guarantee, under which loss is payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee as a result of specified events. This bill would make technical, nonsubstantive changes to the provision referencing the definition of financial guaranty insurance. 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 124 of the Insurance Code is amended to read: 124. "Financial guaranty insurance" means  that   the  insurance as defined  by  in  Section 12100.