Senate Passes Bill to Extend SCIF Investment Authority

The California Senate passed an annual omnibus bill that includes a provision that permanently extends the authority of State Compensation Insurance Fund to make certain investments. The Senate voted 37-0 on Monday to pass AB 487, by the Assembly Insurance Committee. The bill would make various changes to the Insurance Code, including revising provisions relating to insurance agent license applications and expanding the permissible scope of blanket insurance policies. It would also remove a Jan. 1, 2027, sunset on authorization for the State Fund board of directors to make discretionary inv...