California Insurance Commissioner Ricardo Lara announced a package of sweeping executive actions that include changes to the FAIR Plan, new rules for the review of climate catastrophe models, and public meetings exploring incorporating California-only reinsurance costs into rate filings – changes he says will improve insurance choices and protect Californians from increasing climate threats.
The California Department of Insurance is calling it the largest insurance reform since voters passed Proposition 103 nearly 35 years ago. The latest reforms also ca