This was a positive year defeating bad ideas to come out of the Legislature. Extensive efforts on the part of PIFC lobbyists, PIFPAC members, and numerous stakeholders proved successful in defeating SB 1060 (Becker). The bill is inconsistent with both the Sustainable Insurance Strategy proposed by the Insurance Commissioner and the recently adopted CDI Safer […]
The March primary has concluded, and ballots were certified by April 12th. The top two candidates from each primary election move on to the general election. Leading into this election PIFC staff and PIFPAC did a lot of work vetting candidates: conducting one-on-one meetings with candidates, and candidate interviews. Check out the election results below.
On the regulatory front, CDI endeavors to execute the various regulations necessary to implement the Commissioner’s Sustainable Insurance Strategy. Following the disappointing announcement of the Complete Rate Application, which PIFC strongly opposes, CDI has announced draft regulations that would allow insurers to use forward-looking Catastrophe (CAT) modeling in their ratemaking. Since Commissioner Lara announced the
For the past few years, the Legislature has been interested in topics related to artificial intelligence (AI) and algorithmic decision making. This largely stems from the rapid advancements seen in technology sectors (i.e. Google Gemini, and Open AI’s Chat GPT). There have been more than 40 bills introduced on the topic of AI this year.
Artificial Intelligence Read More »
The Legislature is in the second and final year of the 2023-2024 legislative session. This year, a total of 2,124 bills were introduced by the February 16 bill introduction deadline. Bills are now being heard in their first house policy and fiscal committees. PIFC is tracking dozens of bills that could potentially impact the insurance
Legislative Update Read More »
On Monday, October 9, the Assembly Insurance Committee held a joint hearing with the Assembly Select Committee on Wildfire Prevention. The hearing was held in Santa Rosa, CA. The purpose of the hearing was to focus on wildfire risk and resiliency, and whether those two factors can lead to insurance market recovery. Assembly Insurance Committee
Joint Hearing Insurance and Select Committee on Wildfire Prevention Read More »
On Thursday, September 28, the California Department of Insurance (CDI) held a second workshop on the topic of catastrophe modeling. CDI started off with a brief presentation regarding the path that led to this second workshop. They highlighted a few observations on public input from the first workshop that focused on (1) appropriate degree of
Second Catastrophe Modeling Workshop Read More »
PIFPAC agents quickly and successfully organized around a recent issue we identified in the Rural Caucus of the California Democratic Party (CADem). The Caucus proposed adding to the CADem platform: “Prevent insurance companies from cancelling or declining to offer homeowner, property, and fire insurance policies, and bolster the state-funded insurance of last resort (e.g. FAIR
PIFPAC Wins at CADem Rural Caucus! Read More »
On March 1 and March 7, the California Senate and Assembly conducted separate Informational hearings on the state of the insurance market in California. PIFC had the opportunity to testify on behalf of the insurance industry at both hearings. Other speakers included residents from high fire risk areas that have been impacted by the insurance
Insurance Committee Informational Hearings Read More »
AB 478 (Connolly) Wildfires: insurance: This bill would prohibit non-renewals for homeowners over the age of 65 in high fire and very high fire severity zones. It would also prohibit an increase on the annual premiums of homeowners over the age of 65 in those areas by more than 25% and limits their premium increases
Bill Status Report-End of Session 2023 Read More »
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