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Insurance commissioner outlines sustainable-insurance strategy, details wildfire response and market reforms
Summary
Insurance Commissioner Ricardo Lara told the Assembly Committee on Insurance that the department has taken immediate and longer-term steps — from advanced claim payments and a one-year moratorium on residential nonrenewals to regulatory changes allowing catastrophe models and consideration of reinsurance costs — to stabilize California’s homeowners insurance market after recent wildfires.
Insurance Commissioner Ricardo Lara told the Assembly Committee on Insurance that the California Department of Insurance is pursuing a multi-pronged “sustainable insurance strategy” to stabilize the state market after a string of climate-driven disasters and, most recently, Southern California wildfires.
Lara described a series of immediate and longer-term actions his department has taken or proposed: ordering insurers to provide advanced payments on claims and additional living expenses, instituting a one-year moratorium on residential property nonrenewals for more than 104 ZIP codes encompassing roughly 924,000 policies in affected areas, approving a $1 billion Fair Plan assessment to keep the plan solvent, launching a consumer claims tracker and directing more enforcement against fraud and unlicensed adjusters and contractors.
“We have acted more swiftly than ever to assist consumers and communities,” Lara told the committee. He said the department had helped more than 7,000 wildfire survivors directly, opened consumer support workshops, and that insurers had paid more than $12.1…
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