Gov. Signs CIGA Bond Bill

Gov. Gavin Newsom signed a bill extending the deadline for the California Insurance Guarantee Association to issue bonds to cover claim costs arising from insolvencies of workers’ compensation carriers. CIGA is authorized to issue up to $1.5 billion in bonds to pay work comp claims and manage its cash flow needs. Assembly Bill 1541, by the Assembly Insurance Committee and enacted Sept. 24, extends the deadline for the association to ask the state Infrastructure and Economic Development Bank to issue bonds, to 2026 from 2023. The association said in a statement supporting the bill t...