California Commissioner Issues Landmark Regulation to Expand Insurance Access for Californians Amid Growing Climate Risks

CA | Insurance Commissioner Ricardo Lara today announced the final major step in his Sustainable Insurance Strategy, issuing a historic regulation aimed at restoring stability to California’s insurance market while addressing the growing risks of wildfires and climate change. The new Net Cost of Reinsurance in Ratemaking Regulation requires insurance companies — for the first time — to increase coverage in high-risk areas, ensuring more options for Californians while limiting the costs passed on to consumers. The regulation works hand-in-hand with other reforms that Commissioner Lara has spearheaded that will have the effect of increasing insurance coverage options for Californians across the state.

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