California Insurance Commissioner Ricardo Lara has invited public input as he begins the final phase of approving a “first of its kind” catastrophe modeling and ratemaking regulation that “will help restore options for all Californians and prepare for the reality of climate change,” according to a California Department of Insurance news release.
The Office of Administrative Law has published the draft text of the regulation online, marking the beginning of a public comment period that will conclude with a hearing convened by Commissioner Lara on Tuesday, Sept. 17.
The proposed text details the commitments that insurance companies must make in future rate filings to write more policies in wildfire distressed areas as a condition for using wildfire catastrophe modeling to more accurately assess the wildfire risks they will write. The regulation also provides for the public review