Fire insurance: reporting on cancellation and nonrenewal.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Insurance
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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 the Department of Insurance to report on the impact of a law that prohibits insurers from canceling or refusing to renew residential property insurance policies in ZIP codes adjacent to wildfire areas for one year after a state of emergency is declared. The report will analyze how this prohibition has affected cancellations and nonrenewals in both adjacent and expired ZIP codes, as well as the use of the California FAIR Plan Association for coverage. This aims to provide data on the effects of the policy on insurance availability and market dynamics.
Key provisions
- Requires the Department of Insurance to report on cancellation and nonrenewal trends.
- Focuses on ZIP codes adjacent to wildfire areas and those where the one-year prohibition has expired.
- Analyzes the impact on residential property insurance policies.
- Specifically examines the use of the California FAIR Plan Association.
- The report must include data on policy cancellations, nonrenewals, and FAIR Plan coverage.
- The reporting deadline is January 1st of each year following the initial report.
Who is affected
- Insurance companies
- Homeowners
- California Department of Insurance
- California FAIR Plan Association
- ZIP code residents in affected areas
Notable changes
- Establishes a reporting requirement to assess the impact of a policy prohibiting cancellations in wildfire-affected areas.
Bill text
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Sponsors
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1 on record
Primary sponsor
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