CaliforniaCalifornia FAIR Plan Association.
What it does
The California FAIR Plan Association is a joint reinsurance association in which all insurers licensed to write basic property insurance participate in administering a program for the equitable apportionment of basic property insurance for persons who are unable to obtain that coverage through normal channels. Existing law requires the association's plan of operation and any amendment to the plan to be approved by the Insurance Commissioner. Existing law establishes the California Infrastructure and Economic Development Bank and authorizes it to issue bonds to provide funds for the payment of costs of a project for a participating party or upon request by a state entity.
More detail
This bill would authorize the association, if granted prior approval from the commissioner, to request the California Infrastructure and Economic Development Bank to issue bonds, and would authorize the bank to issue those bonds to finance the costs of claims, to increase liquidity and claims-paying capacity of the association, and to refund bonds previously issued for that purpose. The bill would specify that the association is a participating party and that financing all or any portion of the costs of claims or to increase liquidity and the claims-paying capacity of the association is a project for bond purposes. The bill would authorize the bank to loan the proceeds of issued bonds to the association, and would authorize the association to enter into a loan agreement with the bank and to enter into a line of credit agreement or other agreement
This bill would require the association, if the above-described bonds, loan agreements, or lines of credit received the prior approval of the commissioner, and if the association is unable to timely and fully meet its repayment obligation, to assess members in the amounts and at the times necessary to timely pay in full all obligations of the association with respect to those bonds, loan agreements, lines of credit, and other agreements, as specified. The bill would authorize the association to secure those bonds, loan agreements, lines of credit, and other agreements by a statutory lien, as specified.
Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for the purpose of implementing the objectives of the bank.
To the extent that the bill would result in additional revenues being deposited into the California Infrastructure and Economic Development Bank Fund, the bill would make an appropriation.
This bill would declare that it is to take effect immediately as an urgency statute.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Oct 9Chaptered by Secretary of State - Chapter 473, Statutes of 2025.Latest
- Oct 9Approved by the Governor Gavin Newsom.Became Law
- Sep 24Enrolled and presented to the Governor at 3 p.m.To Governor
- Sep 18Enrolled measure version corrected.Minor
- Sep 17Enrolled measure version corrected.Minor
- Sep 13Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 74. Noes 0. Page 3494.).Major
- Vote recorded AB 226 CALDERON Concurrence in Senate Amendments. Result: pass.Lower
- Vote recorded 3rd Reading AB226 Calderon et al. By Umberg Urgency Clause. Result: pass.Upper
- Sep 13Assembly Rule 63 suspended. (Page 3484.)
- Sep 13Joint Rules 61(a)(14) and 51(a)(4) suspended. (Ayes 59. Noes 20. Page 3413.)
- Sep 13In Assembly. Concurrence in Senate amendments pending.
- Sep 13Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 3047.).Passed Senate
- Sep 3Ordered to third reading.Minor
- Sep 3From special consent calendar.
- Sep 2Ordered to special consent calendar.
- Aug 29Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Upper
- Aug 29From committee: Do pass. (Ayes 7. Noes 0.) (August 29).Minor
- Aug 18In committee: Referred to suspense file.Minor
- Vote recorded Placed on suspense file. Result: pass.Upper
- Jul 9In committee: Hearing postponed by committee.
- Jun 25From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (June 25). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass, but first be re-referred to the Committee on [Appropriations] with the recommendation: To Consent Calendar. Result: pass.Upper
- Jun 16From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on INS.Major
- Jun 9From committee: Do pass and re-refer to Com. on INS. (Ayes 8. Noes 0.) (June 9). Re-referred to Com. on INS.Minor
- Vote recorded Do pass, but first be re-referred to the Committee on [Insurance]. Result: pass.Upper
- May 29From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. P. & E.D.Major
- May 7Referred to Coms. on B. P. & E.D. and INS.Minor
- Apr 2In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Apr 1Read third time. Urgency clause adopted. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 951.).Passed Assembly
- Vote recorded AB 226 Calderon Third Reading Urgency. Result: pass.Lower
- Mar 20Read second time. Ordered to third reading.Minor
- Mar 19From committee: Do pass. (Ayes 15. Noes 0.) (March 19).Minor
- Vote recorded Do pass. Result: pass.Lower
- Mar 19In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- Mar 5From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (March 5). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Mar 5Coauthors revised.
- Feb 19Coauthors revised.
- Feb 18Referred to Com. on INS.Minor
- Jan 10From printer. May be heard in committee February 9.
- Jan 9Read first time. To print.Introduced