Amwest to Ask Court to Review Prop. 103 Case
Amwest Insurance Group Inc. said it will petition the California Supreme Court to review a state appeals court decision striking down a 1990 law that exempted the surety insurance industry from Proposition 103, the 1988 insurance-reform initiative.
The 2nd District Court of Appeal, on a 2-1 vote, handed down its decision last week in a case involving Woodland Hills-based Amwest, which specializes in surety bonds.
Amwest had filed a lawsuit contending that Proposition 103’s authors hadn’t meant to include the surety business.
Amwest said if the state Supreme Court appeal is unsuccessful it “could have a significant impact on the ongoing operations of the company.”
However, Amwest added that based in part on its “potential premium-refund calculations” before Proposition 103 went into effect, “it is not expected to have a material adverse impact” on the company’s financial position.
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