Insurance Commissioner to Investigate Key Wildfire Insurance Issues Under Legislation Headed to Senate Floor
Sacramento, CA -- California Insurance Commissioner Ricardo Lara would investigate and develop solutions to ensure affordable, accessible insurance for homeowners in wildfire areas and report back to the legislature, under amendments to AB 2167 adopted by the Senate Appropriations Committee yesterday. The bill asks the Commissioner to study the models insurance companies use to set home and renters insurance rates, strategies to address problems in the insurance markets, and the price and pass-through of “reinsurance” expenses. The bill now heads for a vote by the full Senate.