Lisa Calderon
- Democratic
- Assemblymember
- District 56
Author
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's plan of operation and any amendment to the plan to be approved by the Insurance Commissioner. Existing law establishes the California Infrastructure and Economic Development Bank and authorizes it to issue bonds to provide funds for the payment of costs of a project for a participating party or upon request by a state entity. This bill would authorize the association, if granted prior approval from the commissioner, to request the California Infrastructure and Economic Development Bank to issue bonds, and would authorize the bank to issue those bonds to finance the costs of claims, to increase liquidity and claims-paying capacity of the association, and to refund bonds previously issued for that purpose. The bill would specify that the association is a participating party and that financing all or any portion of the costs of claims or to increase liquidity and the claims-paying capacity of the association is a project for bond purposes. The bill would authorize the bank to loan the proceeds of issued bonds to the association, and would authorize the association to enter into a loan agreement with the bank and to enter into a line of credit agreement or other agreement This bill would require the association, if the above-described bonds, loan agreements, or lines of credit received the prior approval of the commissioner, and if the association is unable to timely and fully meet its repayment obligation, to assess members in the amounts and at the times necessary to timely pay in full all obligations of the association with respect to those bonds, loan agreements, lines of credit, and other agreements, as specified. The bill would authorize the association to secure those bonds, loan agreements, lines of credit, and other agreements by a statutory lien, as specified. Existing law establishes the California Infrastructure and Economic Development Bank Fund, a continuously appropriated fund, for the purpose of implementing the objectives of the bank. To the extent that the bill would result in additional revenues being deposited into the California Infrastructure and Economic Development Bank Fund, the bill would make an appropriation. This bill would declare that it is to take effect immediately as an urgency statute.
Chaptered by Secretary of State - Chapter 473, Statutes of 2025.
Approved by the Governor.
Enrolled and presented to the Governor at 3 p.m.
Enrolled measure version corrected.
Enrolled measure version corrected.
In Assembly. Concurrence in Senate amendments pending.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 74. Noes 0. Page 3494.).
Assembly Rule 63 suspended. (Page 3484.)
Joint Rules 61(a)(14) and 51(a)(4) suspended. (Ayes 59. Noes 20. Page 3413.)
Read third time. Urgency clause adopted. Passed. Ordered to the Assembly. (Ayes 37. Noes 0. Page 3047.).
From special consent calendar.
Ordered to third reading.
Ordered to special consent calendar.
From committee: Do pass. (Ayes 7. Noes 0.) (August 29).
Read second time. Ordered to third reading.
In committee: Hearing postponed by committee.
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 7. Noes 0.) (June 25). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on INS.
From committee: Do pass and re-refer to Com. on INS. (Ayes 8. Noes 0.) (June 9). Re-referred to Com. on INS.
From committee chair, with author's amendments: Amend, and re-refer to committee. Read second time, amended, and re-referred to Com. on B. P. & E.D.
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Urgency clause adopted. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 951.).
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 15. Noes 0.) (March 19).
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 12. Noes 0.) (March 5). Re-referred to Com. on APPR.
Coauthors revised.
Coauthors revised.
From printer. May be heard in committee February 9.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB226 | HTML |
| 01/09/25 - Introduced | |
| 05/29/25 - Amended Senate | |
| 06/16/25 - Amended Senate | |
| 09/16/25 - Enrolled | |
| 10/09/25 - Chaptered |
| Document | Format |
|---|---|
| 03/04/25- Assembly Insurance | |
| 03/17/25- Assembly Appropriations | |
| 03/21/25- ASSEMBLY FLOOR ANALYSIS | |
| 06/05/25- Senate Business, Professions and Economic Development | |
| 06/23/25- Senate Insurance | |
| 08/15/25- Senate Appropriations | |
| 08/29/25- Sen. Floor Analyses | |
| 09/13/25- ASSEMBLY FLOOR ANALYSIS |
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