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Committee approves SB 547 to extend wildfire moratorium protections to some commercial policies
Summary
SB 547, a measure to extend wildfire cancellation/ nonrenewal moratoriums to specified commercial policyholders affected by declared emergencies, passed the Assembly Insurance Committee and was sent to Appropriations.
Senate Bill 547, presented by the Department of Insurance and carried in committee by Sen. Perez and coauthors, would extend an existing wildfire moratorium that temporarily bars insurers from canceling or refusing to renew residential property policies to specified commercial policyholders for one year after a state emergency declaration when the property is within a fire perimeter or adjacent ZIP code.
Josephine Figueroa of the Department of Insurance described the moratorium as an essential recovery tool for…
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