Calif. OKs 2 Bills To Modernize Insurance Regs

Law360, New York (August 22, 2012, 6:00 PM EDT) -- The California legislature on Monday unanimously passed two bills that would reduce collateral requirements for foreign reinsurers doing business with California insurers and give state regulators a better glimpse into the financial health of insurance conglomerates.

The California Assembly voted 78-0 to approve S.B. 1216, which covers the certification process for foreign reinsurers, and S.B. 1448, which deals with reporting requirements for insurance conglomerates. The state Senate had already greenlighted both measures in May.

California Insurance Commissioner Dave Jones praised state lawmakers for passing S.B. 1216...
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