Calif. Gov. Newsom Supports Insurance Reform Proposal
June 13, 2024
June 13, 2024
SACRAMENTO, California, June 13 -- Gov. Gavin Newsom, D-California, issued the following news release on June 12, 2024:
A new draft regulation announced today by California Insurance Commissioner Ricardo Lara will require that insurers that use new catastrophe modeling must write more policies in distressed areas, with larger insurance companies required to insure properties in distressed areas at a rate equal to 85% of the insurer's statewide market share. This is part of the Commi . . .
A new draft regulation announced today by California Insurance Commissioner Ricardo Lara will require that insurers that use new catastrophe modeling must write more policies in distressed areas, with larger insurance companies required to insure properties in distressed areas at a rate equal to 85% of the insurer's statewide market share. This is part of the Commi . . .