CA| Commissioner Lara takes major step to increase insurance availability in wildfire-distressed areas. Strengthening Proposition 103 with first-ever coverage commitments from insurance companies as part of wildfire catastrophe modeling regulation submitted for final approval.
Key highlights of the wildfire catastrophe modeling regulation include:
- Expanding public engagement
- Increased coverage in high-risk areas
- Incorporation of wildfire mitigation efforts
- Enhanced model integrity
Once approved by OAL, the regulation should take effect by year’s end, with the model review process set to begin on January 1, 2025.