SB 1206: Insurance: omnibus.

Official summary

Legislative Counsel’s Digest (official, as of the latest version). Written by nonpartisan legislative staff; reproduced verbatim.

(1)Existing law generally regulates insurance and creates the Department of Insurance, headed by the Insurance Commissioner. Existing law makes inactive the license of any licensee that is suspended by the Secretary of State and prohibits the inactive licensee from conducting any activity for which a license is required until the licensee is no longer suspended. Existing law makes a violation of this provision a crime.

This bill would additionally make inactive the license of any licensee that is dissolved, forfeited, terminated, canceled, or surrendered by the Secretary of State.

(2)Existing law regulates the types and amounts of investments that insurers may make. Existing law establishes the California Organized Investment Network (COIN) within the department to pursue active measures to encourage insurers to make investments in California’s underserved and low- and moderate-income communities. Existing law authorizes a domestic incorporated insurer to make discretionary investments after investment of an amount equal to its required minimum paid-in capital in specified securities. Under existing law, those discretionary investments may include the purchase of, or loans upon, properties and securities, but are limited to the lesser of 5% of the insurer’s admitted assets or 50% of the excess of admitted assets over the sum of capital paid up, liabilities, and a required surplus. Existing law, until January 1, 2027, increases that limitation if the commissioner has approved the amount and terms of the investment in advance and COIN has identified the investment in an investment opportunity bulletin or otherwise deemed it to be a qualified investment.

This bill would indefinitely extend the increased limitation.

(3)Existing law sets forth various provisions for the regulation and licensing of production agencies.

This bill would specify those provisions generally apply to any applicant for a license issued by the commissioner or any licensee regulated by the commissioner, unless otherwise provided.

Sponsors

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. September 27, 2026Chaptered by Secretary of State. Chapter 685, Statutes of 2026.
2. September 27, 2026Approved by the Governor.
3. September 8, 2026Enrolled and presented to the Governor at 4 p.m.
4. August 30, 2026Assembly amendments concurred in. (Ayes 40. Noes 0.) Ordered to engrossing and enrolling.
5. August 30, 2026Ordered to special consent calendar.
6. August 27, 2026In Senate. Concurrence in Assembly amendments pending.
7. August 27, 2026Read third time. Passed. (Ayes 78. Noes 0. Page 6704.) Ordered to the Senate.
8. August 21, 2026Ordered to third reading.
9. August 21, 2026Read third time and amended.
10. August 21, 2026Assembly Rule 69(b)(1) suspended. (Ayes 55. Noes 17. Page 6296.)
11. August 6, 2026Ordered to third reading.
12. August 6, 2026From consent calendar on motion of Assembly Member Aguiar-Curry.