September 01, 2004
Schwarzenegger Signs Bill Enabling Insurers to go Not-For-Profit
Insurers can convert to not-for-profit status under a bill signed this week by Governor Arnold Schwarzenegger. Assembly Bill 1955, which was sponsored by Blue Shield of California and authored by Assemblyman Juan Vargas (D-San Diego), gives any insurer regulated by the California Department of Insurance the opportunity to be organized as or converted into a not-for profit organization. Prior to the passage of this new law, insurance could be sold in California only through licensed for-profit companies.
Posted by Tom Troceen