Insurance Commissioner Ricardo Lara announced on Thursday afternoon that the California Department of Insurance has submitted the final wildfire catastrophe modeling regulation to the Office of Administrative Law for approval.
This regulation aims to strengthen Proposition 103 by establishing unprecedented coverage commitments from insurance companies, aimed at stabilizing the insurance market and expanding options for homeowners and business owners in high wildfire-risk areas.
Consumers want solutions to our state's insurance crisis. My new regulation will make insurance more available across the state, said Lara on Thursday.
State Sen. Bill Dodd complimented Lara of the new regulations on catastrophic modeling that could help improve availability of insurance in wildfire-prone areas.
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