Existing law establishes the California Earthquake Authority (CEA) , administered under the authority of the Insurance Commissioner and governed by a 3-member board. Under existing law, the CEA is authorized to transact insurance in this state as necessary to sell policies of basic residential earthquake insurance. Existing law establishes a capital structure for the CEA, with several sources of financing. Existing law authorizes the CEA to assess participating insurance companies up to $1,780,000,000, if claims and claim expenses paid by the CEA due to earthquake events exhaust 4 specified sources of capital, including the CEA's available capital and all insurer capital contributions and assessments.
This bill would repeal that assessment authorization. The bill would also make technical and conforming changes.

Statutes affected:
SB254: 10089.5 INS, 10089.10 INS, 10089.13 INS, 10089.22 INS, 10089.16 INS, 10089.23 INS, 10089.29 INS, 10089.30 INS, 10089.23 INS, 10089.31 INS, 10089.33 INS, 10089.34 INS, 10089.54 INS
02/11/19 - Introduced: 10089.5 INS, 10089.10 INS, 10089.13 INS, 10089.22 INS, 10089.16 INS, 10089.23 INS, 10089.29 INS, 10089.30 INS, 10089.23 INS, 10089.31 INS, 10089.33 INS, 10089.34 INS, 10089.54 INS
04/01/19 - Amended Senate: 10089.5 INS, 10089.10 INS, 10089.13 INS, 10089.22 INS, 10089.16 INS, 10089.23 INS, 10089.29 INS, 10089.30 INS, 10089.23 INS, 10089.31 INS, 10089.33 INS, 10089.34 INS, 10089.54 INS
01/06/20 - Amended Senate: 10089.5 INS, 10089.10 INS, 10089.13 INS, 10089.22 INS, 10089.16 INS, 10089.23 INS, 10089.29 INS, 10089.30 INS, 10089.23 INS, 10089.31 INS, 10089.33 INS, 10089.34 INS, 10089.54 INS