Proposition Summary

INSURANCE GUARANTEE FUNDS. TAX OFFSET. LEGISLATIVE CONSTITUTIONAL AMENDMENT. Authorizes enactment of statutes by the Legislature to establish insurance guarantee funds or associations for the purpose of paying claims against insolvent insurers. Such legislation could also provide that contributions to such funds or associations by insurers may be allowed as a deductible offset against their annual gross premium tax. Fiscal impact on state or local governments: If offset allowed by legislation, could result in State General Fund loss of as much as $30 million per year.

Proposition Number

3

Year

1980

Document Type

Proposition

Pass/Fail

Fail

Legislative Vote Results

Assembly - Ayes, 63; Noes, 10 -- Senate - Ayes, 31; Noes, 4

Popular Vote Results

Y: 2014362; A: 27.7; N: 5251746; B: 72.3

Election Type

General Election

Proposition Type

LCA

For Author

Daniel E. Boatwright, Member of the Assembly, 10th District; Robert G. Beverly, State Senator, 27th District; W. Carl Jones, President, Congress of California Seniors

Against Author

John Francis Foran, State Senator, 6th District

Rebuttal Against Author

Daniel E. Boatwright, Member of the Assembly, 10th District; Robert G. Beverly, State Senator, 27th District; W. Carl Jones, President, Congress of California Seniors

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