Governor Signs Insurance Bills

Gov. Gavin Newsom enacted a pair of insurance bills, including one that requires fraud training for agents and brokers, and one that simplifies bonding procedures for the California Insurance Guarantee Association. The governor on Sunday signed SB 1242, by the Senate Insurance Committee, and AB 2154, by Assemblyman Ken Cooley, D-Rancho Cordova. AB 2154 aims to simplify the bonding authority for CIGA, the state’s backstop against insolvent insurers. The bill would provide a statutory mechanism for CIGA to impose a surcharge on new licensees and current licensees that beg...