Insurance.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill requires insurers in California with significant premium volume to submit detailed reports to the Department of Insurance starting in March 2026. These reports will include data on their reinsurance programs, catastrophic modeling, and risk placement, aiming to improve the state’s understanding of the insurance market and wildfire-related risks. The commissioner will post aggregated reports online, and insurers will face civil penalties for non-compliance. The bill also modifies rules regarding proof of loss after a state of emergency, prioritizing timely claims processing and offering extended deadlines for insureds.
Key provisions
- Requires insurers with $50 million in premium volume to submit annual reinsurance program reports to the Department of Insurance.
- Reports must include data on reinsurance placement, catastrophic modeling, and treaty year information.
- The commissioner will post aggregated report data on the department’s website.
- Insurers face civil penalties (up to $100,000) for non-compliance with reporting requirements.
- Allows for 30-day extension requests for report submissions due to unforeseen circumstances.
- Prohibits insurers from requiring proof of loss less than 100 days after a declared state of emergency.
- Modifies rules for combining policy limits and advance payments for personal property loss during state of emergency.
- Requires insurers to provide an advance partial payment for personal property loss (up to $350,000) without an itemized claim in state of emergency situations.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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