Committee advances measure to expand financing tools for California FAIR Plan
AB 226 would allow the California Infrastructure and Economic Development Bank (IBank) to accept FAIR Plan bond proceeds and streamline the FAIR Plan's access to liquidity; supporters said it would strengthen insurer-of-last-resort capacity amid wildfire risks and the bill was placed on the suspense file and later recorded as due pass.
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Assemblymember Alvarez presented AB 226, which would expand the California Infrastructure and Economic Development Banks (IBank) ability to receive bond proceeds and related revenues and would streamline access to liquidity for the California FAIR Plan. Alvarez said the bills fiscal impact is "negligible" to taxpayers because issuance costs would be borne by the bonds and reimbursed. He said the bill would help stabilize the property-insurance market amid wildfire losses and avoid disaster-related fiscal risk.
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