Flurry of Legislative Motion on Wildfires in CA
In response to the devastating wildfires in Los Angeles final month, California Insurance coverage Commissioner Ricardo Lara (D) and a number of other state lawmakers have proposed a 10-bill package deal of laws geared toward enhancing catastrophe preparedness and helping wildfire survivors.
The payments embody the California Protected Properties Act, which might create a grant program to assist residents purchase fire-rated roofs and create non-ignition zones round their properties; the Enterprise Insurance coverage Safety Act, which might broaden the insurance coverage commissioner’s authority to problem moratoriums on non-renewals and cancellations after emergency declarations to incorporate companies and different properties; and the Remove “The Listing” Act, which might make California the primary state within the nation to require insurers to pay wildfire survivors 100% of their contents protection limits with out requiring them to submit an itemized listing of all the things they misplaced. (INSURANCE JOURNAL)
CA Approves $1B Evaluation on Insurers for LA Wildfires
California Insurance coverage Commissioner Ricardo Lara (D) permitted a request from the state’s house insurance coverage plan of final resort, the California FAIR Plan, for a $1 billion evaluation on insurers doing enterprise within the state to cowl claims from the Los Angeles wildfires. The choice is more likely to drive up insurance coverage prices for California householders and will additionally drive extra insurers out of the state. (INSURANCE JOURNAL, NEW YORK TIMES)
CA Insurance coverage Commissioner Denies State Farm’s Request for 22% Fee Hike
California Insurance coverage Commissioner Ricardo Lara (D) declined a request from State Farm for a 22% emergency, interim fee improve, which the insurer stated was partly because of the LA wildfires. As a substitute, Lara known as a gathering with the insurer to get extra details about its monetary state of affairs. (INSURANCE JOURNAL)
—Compiled by SNCJ Managing Editor KOREY CLARK
Visit our webpage to attach with a LexisNexis® State Web® consultant and find out how the State Web legislative and regulatory monitoring service may also help you establish, monitor, analyze and report on related legislative and regulatory developments.
