AB 567
Insurance: residential and commercial.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, titled the ‘Cap and Cut Cost of Insurance through Reform Act,’ aims to address rising residential property insurance rates in California. It proposes that the state financially intervene to limit rate increases to 7% or the national average, whichever is lower, and directs the Department of Insurance to explore regulatory changes to achieve lower rates. Specifically, the bill temporarily suspends the gross premiums tax on residential property insurance premiums starting in 2026 and urges the Governor to pursue federal reinsurance relief. The provisions are set to expire on January 1, 2030.
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