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California Department of Insurance details consumer protections, implementation progress on sustainable insurance strategy after Los Angeles wildfires
Summary
Department of Insurance officials told the California Senate Insurance Committee they have enacted immediate consumer protections for wildfire survivors and are moving to implement Commissioner Ricardo Lara’s sustainable insurance strategy, while urging continued legislative support and community mitigation.
The California Department of Insurance told the Senate Insurance Committee on an unspecified date that it has taken a string of actions to help homeowners and renters affected by the recent Los Angeles wildfires and is proceeding with implementation of Commissioner Ricardo Lara’s sustainable insurance strategy.
The department’s chief deputy commissioner, Michael Martinez, said the agency’s “job at the Department of Insurance is and always has been to protect consumers. Hold insurance companies accountable. And make sure California's insurance market is stable, sustainable, and working for the people who need it most.”
The department described immediate and regulatory steps it said were intended to stabilize markets and speed payments to survivors. Those steps include directing insurers (including the California FAIR Plan) to provide advance payments — including at least four months of additional living expenses and at least 30% of contents coverage upfront without requiring a detailed inventory — and…
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