Amwest Insurance Group Inc. announces supreme court ruling regarding Proposition 103.WOODLAND HILLS, Calif.--(BUSINESS WIRE)--Dec. 15, 1995--Amwest Insurance Group Inc. (ASE/PSE:AMW AMW America's Most Wanted (TV show) AMW Air Mobility Wing AMW Amphibious Warfare AMW Ask Me Why (Beatles song) AMW Angewandte Medienwissenschaft (German: Applied Media Studies) ) announced that on Thursday, Dec. 14, the Supreme Court of the State of California affirmed the decision of the Second District Court of Appeal overturning Insurance Code Section 1861.135 which exempted the surety insurance industry from major provisions of Proposition 103. Accordingly, the surety insurance industry will no longer be exempted from the rate-rollback and prior-approval provisions contained in Proposition 103. To date, the company has not received any calculations from the California Department of Insurance The California Department of Insurance (CDI), established in 1868, is the angency charged with overseeing the regulation of insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in the state regarding the company's Proposition 103 rollback amount. The company anticipates that it will accrue during the fourth quarter of 1995 its estimated rollback obligation pursuant to Proposition 103, the amount of which has not yet been determined. However, as previously disclosed in the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and subsequent filings on Form 10-Q Form 10-Q See 10-Q. , the company believes that the ultimate rollback amount will have a significant impact on the company's 1995 earnings, but is not expected to materially adversely impact the company's financial position. Amwest is a Woodland Hills-based insurance holding company, specializing in surety bonds, including contract performance, court and license and permit bonds License and permit bonds are a general class of surety bonds required of a person or entity to obtain a license or a permit in any city, county, or state. These bonds guarantee whatever the underlying statute, state law, municipal ordinance, or regulation requires. . CONTACT: Amwest Insurance Group Inc., Woodland Hills Steven R. Kay, 818/592-3200 |
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