FAIR Plan policy notices and renewals.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires the California FAIR Plan to provide annual notices to policyholders about their coverage options, encouraging them to explore alternative insurance policies through a broker. It also mandates that brokers of record check if a FAIR Plan policy can be transitioned to a standard insurance market before renewal. The goal is to help policyholders find more affordable and suitable insurance coverage outside of the FAIR Plan.
Key provisions
- Annual notices to policyholders regarding coverage options.
- Requirement for brokers of record to determine if a policy can be moved to a voluntary market insurance company.
- Brokers must use their knowledge of the property insurance market to assess transferability.
- The bill adds sections 10095.2 and 10095.3 to the Insurance Code.
Who is affected
- California FAIR Plan policyholders
- Insurance brokers
- California Department of Insurance
Notable changes
- Requires proactive broker involvement in exploring alternative insurance options.
- Mandates annual policyholder notices regarding coverage choices.
- Establishes a process for transitioning FAIR Plan policies to voluntary market insurers.
Bill text
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Sponsors
Official sponsors from legislative records.
8 on record
Primary sponsor
Cosponsors
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