Committee Passes Insurance 'Omnibus' Bill

The California Assembly Appropriations Committee unanimously passed a multifaceted bill that, among other things, includes provisions aimed at helping the Department of Insurance crack down on fraud. The committee voted 15-0 on Wednesday to pass SB 1242, by the Senate Insurance Committee, after finding it would result in minor and absorbable costs to the state. The bill would require that brokers and agents receive fraud training as a condition of receiving and renewing a license. And it would require brokers and agents to report suspected fraud to the Insurance Department. SB 1242 would al...