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Committee advances AB 226 to let FAIR Plan access bonds, loans to shore up homeowner coverage
Summary
AB 226, presented by Assemblyman Alvarez for Sen. Calderon, would authorize the FAIR Plan to obtain financing through bonds, loans or lines of credit to pay claims after catastrophes and build reserves; the committee advanced the bill to the Senate Insurance Committee.
Assemblyman Eduardo Alvarez presented AB 226 on June 9, a measure authored by Sen. Cal Calderon and Alvarez that would give the FAIR Access to Insurance Requirements (FAIR) Plan authority to obtain financing—such as bonds, loans or lines of credit—to pay claims and build cash reserves ahead of catastrophic loss.
Alvarez told the committee the bill is designed to…
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