Assembly OKs Bill on Quake Insurance
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SACRAMENTO — The Assembly on Thursday passed an insurance industry-backed version of a bill to create a $10.6-billion state fund to cover homeowners’ earthquake losses.
But the vote, the second attempt at approving the bill, was not a victory for the industry but an attempt to advance the bill into a conference committee in order to seek a compromise with a more consumer-friendly version passed by the Senate.
The bill by Assemblyman David Knowles (R-Placerville) fell short Monday of the two-thirds vote needed. Backers on Thursday amended it to make it a majority-vote measure. It was sent to the Senate by a 45-22 vote.
The Legislature last year passed a law creating the concept of a California Earthquake Authority, but another bill must be passed this year to set up the state-run quake insurance program.
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