Existing law establishes the Department of Insurance, headed by the Insurance Commissioner, which regulates insurers and insurance practices. Existing law requires an admitted insurer with written California premiums above a specified threshold to submit a report with specified fire risk information on its residential property policies to the commissioner on or before April 1, 2020, and every 2 years thereafter.
This bill would require the commissioner, on or before March 1, 2021, to convene a stakeholder group to consider the actuarial soundness of residential property insurance rates, taking into consideration current wildfire risks to residential properties and communities. The bill would require the stakeholder group to recommend changes to state law governing residential property insurance rates in communities that are located in high-risk
wildfire areas and would require the commissioner to post the recommendations on its internet website on or before December 31, 2021 .