Insurance: Climate and Sustainability Insurance and Risk Reduction Grant Program.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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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 creates the Climate and Sustainability Insurance and Risk Reduction Grant Program, which will be funded by the state legislature. The program aims to expand insurance options, particularly for vulnerable communities, and to test community-purchased insurance to lower costs. It also encourages the use of nature-based solutions to reduce climate risks and build resilience.
Key provisions
- Establishes the Climate and Sustainability Insurance and Risk Reduction Grant Program.
- Funds the program through legislative appropriation.
- Focuses on developing insurance mechanisms like community-based and parametric insurance.
- Supports projects incorporating nature-based solutions for risk reduction.
- Requires the Department of Insurance to report on program results to the Legislature.
- Encourages the creation of climate resilience districts.
- Aims to educate communities about the role of insurance in disaster preparedness.
- The article will be repealed on January 1, 2035.
Who is affected
- Insurance Industry
- Homeowners
- Businesses
- California Communities
- State Government
Notable changes
- Creates a new grant program focused on climate-related insurance.
- Expands the role of the Department of Insurance in addressing climate risks.
Bill text
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Sponsors
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3 on record
Primary sponsor
Cosponsors
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