Bill Text: CA AB1933 | 2023-2024 | Regular Session | Amended

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Bill Title: Wildfire risk models.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Engrossed - Dead) 2024-05-29 - Referred to Com. on INS. [AB1933 Detail]

Download: California-2023-AB1933-Amended.html

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Amended  IN  Assembly  February 26, 2024

CALIFORNIA LEGISLATURE— 2023–2024 REGULAR SESSION

Assembly Bill

No. 1933

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Introduced by Assembly Member Calderon

January 25, 2024

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An act to amend Section 1861.05 of add Section 12964 to the Insurance Code, relating to insurance.

LEGISLATIVE COUNSEL'S DIGEST

AB 1933, as amended, Calderon. Insurance rate approvals. Wildfire risk models.

Existing law generally regulates classes of insurance, including property and fire insurance. Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and prescribes the department’s powers and duties. Existing department regulations set forth requirements and limitations for wildfire risk models used to measure or assess the wildfire risk associated with a residential or commercial structure for classifying structures according to their wildfire risk or estimating losses corresponding to wildfire risk classifications.

On or before January 1, 2026, and on or before each January 1 thereafter, this bill would require the department to report to the Assembly Committee on Insurance and the Senate Committee on Insurance regarding wildfire risk models it regulates.

Existing law, as enacted in the Insurance Rate Reduction and Reform Act of 1988, approved by the voters as Proposition 103 at the November 8, 1988, statewide general election, prohibits specified insurance rates from being approved or remaining in effect if they are excessive, inadequate, unfairly discriminatory, or otherwise in violation of the act. The act requires an insurer that wishes to change a rate to file a complete rate application with the Insurance Commissioner and deems the application approved 60 days after the rate application is received by the commissioner, unless specified circumstances apply. Existing law authorizes the provisions of Proposition 103 to be amended by a statute that furthers the purposes of the act and is enacted by the Legislature with a 23 vote.

This bill would make technical, nonsubstantive changes to these provisions.

Digest Key

Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NOYES   Local Program: NO  

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Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Section 12964 is added to the Insurance Code, to read:

12964.

 On or before January 1, 2026, and on or before each January 1 thereafter, the department shall report to the Assembly Committee on Insurance and the Senate Committee on Insurance regarding wildfire risk models used pursuant to Section 2644.9 of Title 10 of the California Code of Regulations.