SB 370: California FAIR Plan Association.

Session Year: 2023-2024
House: Senate

Current Status:

Failed

(2024-08-12: Ordered to third reading.)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Enacted

Version:

The California FAIR Plan Association is a joint reinsurance association in which all insurers licensed to write basic property insurance participate in administering a program for the equitable apportionment of basic property insurance for persons who are unable to obtain that coverage through normal channels. Existing law requires the association to establish and maintain an internet website and a statewide toll-free telephone number through which a person may receive assistance in applying for basic property insurance. Existing law requires an agent or broker transacting basic property insurance to assist a person seeking the agents or brokers help in obtaining basic property insurance coverage by, among other things, providing the person with the associations internet website and toll-free telephone number.

This bill would require an agent or broker to also provide a person seeking their help in obtaining basic property insurance coverage with information regarding the departments Home Insurance Finder in addition to the associations internet website and toll-free telephone number.

The Personal Income Tax Law and the Corporation Tax Law, in conformity with federal income tax law, generally defines gross income as income from whatever source derived, except as specifically excluded, and provides various exclusions from gross income.This bill would, for taxable years beginning on or after January 1, 2020, provide an exclusion from gross income for any qualified taxpayer, as defined, for amounts received in settlements associated with the 2019 Kincade Fire in the County of Sonoma, as provided.Existing law requires that any bill that would authorize certain tax expenditures contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. The bill would make legislative findings and declarations regarding the public purpose served by this bill. This bill would declare that it is to take effect immediately as an urgency statute.

Discussed in Hearing