CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 703Introduced by Assembly Member HartFebruary 13, 2023 An act to amend Section 381 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 703, as introduced, Hart. Insurance policies.Existing law generally regulates the rules governing insurance and insurance contracts. Existing law requires an insurance policy to specify certain information, including the parties to the contract, the property or life insured, the risks insured against, and the coverage period.This bill would make technical, nonsubstantive changes to that provision governing the policy.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 381 of the Insurance Code is amended to read:381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 703Introduced by Assembly Member HartFebruary 13, 2023 An act to amend Section 381 of the Insurance Code, relating to insurance. LEGISLATIVE COUNSEL'S DIGESTAB 703, as introduced, Hart. Insurance policies.Existing law generally regulates the rules governing insurance and insurance contracts. Existing law requires an insurance policy to specify certain information, including the parties to the contract, the property or life insured, the risks insured against, and the coverage period.This bill would make technical, nonsubstantive changes to that provision governing the policy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION
Assembly Bill
No. 703
Introduced by Assembly Member HartFebruary 13, 2023
Introduced by Assembly Member Hart
February 13, 2023
An act to amend Section 381 of the Insurance Code, relating to insurance.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 703, as introduced, Hart. Insurance policies.
Existing law generally regulates the rules governing insurance and insurance contracts. Existing law requires an insurance policy to specify certain information, including the parties to the contract, the property or life insured, the risks insured against, and the coverage period.This bill would make technical, nonsubstantive changes to that provision governing the policy.
Existing law generally regulates the rules governing insurance and insurance contracts. Existing law requires an insurance policy to specify certain information, including the parties to the contract, the property or life insured, the risks insured against, and the coverage period.
This bill would make technical, nonsubstantive changes to that provision governing the policy.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 381 of the Insurance Code is amended to read:381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 381 of the Insurance Code is amended to read:381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
SECTION 1. Section 381 of the Insurance Code is amended to read:
### SECTION 1.
381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
381. A policy shall specify:(a) The parties between whom the contract is made.(b) The property or life insured.(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.(d) The risks insured against.(e) The period during which the insurance is to continue.(f) Either:(1) A statement of the premium, or(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.
381. A policy shall specify:
(a) The parties between whom the contract is made.
(b) The property or life insured.
(c) The interest of the insured in property insured, if he is they are not the absolute owner thereof.
(d) The risks insured against.
(e) The period during which the insurance is to continue.
(f) Either:
(1) A statement of the premium, or
(2) If the insurance is of a character where the exact premium is only determinable upon the termination of the contract, a statement of the basis and rates upon which the final premium is to be determined and paid.