Commissioner Lara issues landmark regulation to expand insurance access for Californians amid growing climate risks (Release 065-2024)
Published by California Department of Insurance. Jurisdiction CA.
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The Department states that Commissioner Lara announced on December 13, 2024 that he had finalized a wildfire catastrophe modeling regulation, which permits the use of forward-looking catastrophe models in ratemaking.
claim cdi-cat-model-2024#c1The Department states that all homeowners insurance companies must increase the writing of comprehensive policies in wildfire distressed areas equivalent to no less than 85 percent of their statewide market share.
claim cdi-cat-model-2024#c2The Department describes the net cost of reinsurance in ratemaking regulation announced in this December 30, 2024 release as the final major element of the reform package, and uses the phrase Sustainable Insurance Strategy for the overall effort.
claim cdi-cat-model-2024#c3
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Published: 2024-12-30