CA SB30

Requires the Insurance Commissioner to convene a working group to identify and recommend risk transfer market mechanisms that promote investment in natural infrastructure to reduce climate change-related catastrophic event risks.

Working group recommendations must address creating incentives for private investment in natural lands and infrastructure to reduce climate risks to communities, public safety, property, utilities, and infrastructure.

Recommended insurance and reinsurance mechanisms must be profitable to companies and, when appropriate, apply to communities or regions rather than individual land parcels.

Recommended policies must address specific questions including: using insurance to incentivize wetland restoration, forest management to reduce fire risk, and developing community-based climate resilience rating systems.

Effective September 21, 2018.