Today's Law As Amended


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SB-72 Property insurance: wildfire risk information reporting.(2021-2022)



As Amends the Law Today


SECTION 1.

 Section 929.4 is added to the Insurance Code, to read:

929.4.
 On or before November 1, 2022, and annually thereafter, the commissioner shall do both of the following:
(a) Transmit to the Secretary of the Natural Resources Agency a report that makes geographic recommendations for vegetation management projects based on the commissioner’s analysis of nonrenewal data on policies of residential property insurance and the perceived risks of the industry.
(b) Post the report described under subdivision (a) on the department’s internet website.

SEC. 2.

 Section 10100.4 is added to the Insurance Code, to read:

10100.4.
 (a) The facility shall contract with a provider of risk management and modeling services to conduct a study on how concentration risks affect the FAIR Plan’s policies in high fire risk areas. The study shall focus on areas of the state in which the FAIR Plan does significant business to identify the cities, counties, or regions of the state in which neighborhood character, lack of local firefighting resources, and housing construction, age, location, and materials create the highest risk for loss, increase premium costs, and contribute most to reinsurance costs.
(b) On or before December 31, 2022, the facility shall submit the report prepared pursuant to subdivision (a) to the department, the Natural Resources Agency, the Senate Committee on Insurance, and the Assembly Committee on Insurance. The plan submitted to the Legislature shall be submitted in compliance with Section 9795 of the Government Code.
(c) This section shall remain in effect only until January 1, 2026, and as of that date is repealed.