Virtual Public Workshop on Next Phase of Sustainable Insurance Strategy
Department of Insurance to hold public meeting on catastrophe modeling regulation – staying on track for state’s largest insurance reform in 30 years
The Department of Insurance will hold a public workshop on April 23 about a proposed catastrophe modeling regulation that will help restore options for all Californians, the latest phase of Insurance Commissioner Ricardo Lara’s Sustainable Insurance Strategy to safeguard the integrity of the state’s insurance market. The Department is working urgently to implement the state’s largest insurance reform in 30 years, while prioritizing public input and transparency.
Tomorrow’s workshop keeps California on track for a December 2024 goal of implementing new regulations that address the state’s ongoing insurance crisis of limited availability for many Californians. The intent of the workshop is to take input before starting the process of submitting the regulation for approval by the Office of Administrative Law.
Insurance Commissioner Ricardo Lara continues progress toward vital regulatory and administrative reforms under his California Sustainable Insurance Strategy. Changes to outdated regulations are necessary to improve choices for all Californians. The strategy focuses on making insurance available and affordable, especially in high-risk areas.
The regulation will allow the use of forward-looking catastrophe modeling to help support wildfire safety and mitigation efforts, using the latest technology to better predict climate catastrophes. California is today the only state that requires the use of historical data for setting future insurance rates, which is contributing to price increases and limited availability of insurance, particularly in areas with wildfire risk.
WHAT: Virtual public workshop on next phase of Sustainable Insurance Strategy
WHEN: Tuesday, April 23, 2024 at 2PM-5PM/PT
Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.
