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California Assembly Bill AB762

California 2017-2018 Regular Session

California Assembly Bill AB762 Compare Versions

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1-Amended IN Assembly March 23, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 762Introduced by Assembly Member WaldronFebruary 15, 2017 An act to amend Section 12340.1 12370 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 762, as amended, Waldron. Title insurance. insurers: finances and investments.Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the title surplus fund.This bill would make technical, nonsubstantive changes to those provisions.This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 12370 of the Insurance Code is amended to read:12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.SECTION 1.Section 12340.1 of the Insurance Code is amended to read:12340.1.Title insurance means insuring, guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of the following:(a)Liens or encumbrances on, or defects in, the title to the property.(b)Invalidity or unenforceability of any liens or encumbrances on the property.(c)Incorrectness of searches relating to the title to real or personal property.
1+CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 762Introduced by Assembly Member WaldronFebruary 15, 2017 An act to amend Section 12340.1 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 762, as introduced, Waldron. Title insurance.Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches.This bill would make technical, nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 12340.1 of the Insurance Code is amended to read:12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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3- Amended IN Assembly March 23, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 762Introduced by Assembly Member WaldronFebruary 15, 2017 An act to amend Section 12340.1 12370 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 762, as amended, Waldron. Title insurance. insurers: finances and investments.Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the title surplus fund.This bill would make technical, nonsubstantive changes to those provisions.This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
3+ CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 762Introduced by Assembly Member WaldronFebruary 15, 2017 An act to amend Section 12340.1 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 762, as introduced, Waldron. Title insurance.Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches.This bill would make technical, nonsubstantive changes to those provisions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
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5- Amended IN Assembly March 23, 2017
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7-Amended IN Assembly March 23, 2017
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99 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
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1111 Assembly Bill No. 762
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1313 Introduced by Assembly Member WaldronFebruary 15, 2017
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1515 Introduced by Assembly Member Waldron
1616 February 15, 2017
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18- An act to amend Section 12340.1 12370 of the Insurance Code, relating to insurance.
18+ An act to amend Section 12340.1 of the Insurance Code, relating to insurance.
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2020 LEGISLATIVE COUNSEL'S DIGEST
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2222 ## LEGISLATIVE COUNSEL'S DIGEST
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24-AB 762, as amended, Waldron. Title insurance. insurers: finances and investments.
24+AB 762, as introduced, Waldron. Title insurance.
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26-Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the title surplus fund.This bill would make technical, nonsubstantive changes to those provisions.This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.
26+Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches.This bill would make technical, nonsubstantive changes to those provisions.
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28-Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches. Existing law requires every title insurer to annually set apart a sum equal to 10% of its premiums collected during the year. Those sums are required to be allowed to accumulate until a fund is created equal to 25% of the aggregate of the subscribed capital stock of the insurer, or $1,000,000, whichever is the lower amount. The fund is known as the title surplus fund.
28+Existing law defines title insurance as insuring, guaranteeing, or indemnifying an owner of real or personal property or the holder of liens or encumbrances or others who have interests in the property against loss or damage due to liens, encumbrances, or defects in the title to the insured property, defects in liens or encumbrances, or defects in title searches.
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3030 This bill would make technical, nonsubstantive changes to those provisions.
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34-This bill would increase the annual sum required to be set apart by the title insurer to 12% of its premiums collected during the year and would provide that the monetary amount required to be allowed to accumulate in the title surplus fund, as provided, be increased to $1,250,000.
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3632 ## Digest Key
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40-The people of the State of California do enact as follows:SECTION 1. Section 12370 of the Insurance Code is amended to read:12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.SECTION 1.Section 12340.1 of the Insurance Code is amended to read:12340.1.Title insurance means insuring, guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of the following:(a)Liens or encumbrances on, or defects in, the title to the property.(b)Invalidity or unenforceability of any liens or encumbrances on the property.(c)Incorrectness of searches relating to the title to real or personal property.
36+The people of the State of California do enact as follows:SECTION 1. Section 12340.1 of the Insurance Code is amended to read:12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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4238 The people of the State of California do enact as follows:
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4440 ## The people of the State of California do enact as follows:
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46-SECTION 1. Section 12370 of the Insurance Code is amended to read:12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.
42+SECTION 1. Section 12340.1 of the Insurance Code is amended to read:12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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48-SECTION 1. Section 12370 of the Insurance Code is amended to read:
44+SECTION 1. Section 12340.1 of the Insurance Code is amended to read:
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5046 ### SECTION 1.
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52-12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.
48+12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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54-12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.
50+12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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56-12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.
52+12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:(a) Liens or encumbrances on, or defects in in, the title to said property; the property.(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.(c) Incorrectness of searches relating to the title to real or personal property.
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60-12370. (a) Every title insurer shall annually set apart a sum equal to 10 12 percent of its premiums collected during the year. Such Those sums shall be allowed to accumulate until a fund is created equal in amount to 25 percent of the aggregate of the subscribed capital stock of the insurer, or one million dollars ($1,000,000), one million two hundred fifty thousand dollars ($1,250,000), whichever is the lower amount. After
56+12340.1. Title insurance means insuring, guaranteeing guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of: of the following:
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62-(b) After the establishment by a title insurer of an unearned premium reserve, pursuant to Article 3.5 (commencing with Section 12380) of this chapter, such 12380), that amount shall be reduced by the aggregate amount which shall be that is set aside and maintained by such that insurer in such an unearned premium reserve. Such That fund shall be known as the title insurance surplus fund.
58+(a) Liens or encumbrances on, or defects in in, the title to said property; the property.
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68-Title insurance means insuring, guaranteeing, or indemnifying owners of real or personal property or the holders of liens or encumbrances thereon or others interested therein against loss or damage suffered by reason of the following:
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72-(a)Liens or encumbrances on, or defects in, the title to the property.
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76-(b)Invalidity or unenforceability of any liens or encumbrances on the property.
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60+(b) Invalidity or unenforceability of any liens or encumbrances thereon; or on the property.
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8062 (c) Incorrectness of searches relating to the title to real or personal property.