CA| On Friday, December 13, 2024, California Insurance Commissioner Ricardo Lara implemented a groundbreaking catastrophe modeling and ratemaking regulation aimed at increasing insurance coverage in wildfire-prone areas. This regulation, a key component of Lara’s Sustainable Insurance Strategy, was officially filed with the Secretary of State after receiving strong public support during the past year’s rulemaking process. Commissioner Lara emphasized that this innovative approach, which requires insurance companies to expand coverage in high-need areas, is crucial for addressing California’s insurance crisis and adapting to the changing climate.
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