California Assembly Bill AB2474 Introduced / Bill

 BILL NUMBER: AB 2474INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Mullin FEBRUARY 19, 2016 An act to amend Section 12901 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGEST AB 2474, as introduced, Mullin. Insurance Commissioner: conflict of interest. Existing law establishes the office of the Insurance Commissioner and provides that the commissioner shall be elected by the people in the same time, place, and manner as the Governor not to exceed 2 4-year terms. Existing law requires the commissioner to be a person competent and fully qualified to perform the duties of the office, as specified. Existing law also prohibits the commissioner, any deputy, or employee, during his or her tenure of office, from being be an officer, agent, or employee of an insurer or directly or indirectly interested in any insurer or licensee, except as specified. This bill would make technical, nonsubstantive changes to those provisions. 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 12901 of the Insurance Code is amended to read: 12901.  (a)    The commissioner shall be a person competent and fully qualified to perform the duties of the office. Neither the commissioner nor  any   a  deputy or employee  shall   shall,  during his or  their   her  tenure of  office   office,  be an officer,  agent   agent,  or employee of an insurer or directly or indirectly interested in  any   an  insurer or licensee under this code, except  (a)   (1)  as a policyholder, or,  (b)   (2)  by virtue of relationship by blood or marriage to  any   a  person interested in  any   an  insurer or licensee.  If   (b)     If  the  commissioner or any deputy or   commissioner, a deputy, or an  employee holds  any   a  license or permit issued under this code, he  or she  shall surrender it for cancellation within 10 days after appointment and qualification. Upon termination of his  or her  office or employment  such   that  license or permit shall be reissued for the balance of the then current license or permit year without fee or penalty.