PIFC supported AB 2167 (Daly), which passed to the Senate, and SB 292 (Rubio), which is pending in Assembly Governmental Organization Committee. These bills must be enacted jointly to become operative. Together they provide a comprehensive framework to increase the availability of admitted market insurance in high fire-threat areas and help reduce risk and loss through individual home hardening and community-wide wildfire mitigation.
Major provisions of these bills:
Establish the Insurance Market Action Plan (IMAP) program and authorize an insurer to submit an IMAP filing, which would be subject to approval by the Department of Insurance.
Require, as part of an IMAP filing, an insurer to commit to offer new and renewal residential property insurance
Read the full article…