CA SB290

Authorizes the Governor to purchase insurance, reinsurance, insurance-linked securities, or other alternative risk transfer products to mitigate state costs from mudslides, wildfires, or floods.

Requires the Office of Emergency Services (or Governor-designated agency) to work with the State Treasurer and Insurance Commissioner to determine appropriate risk transfer products for state purchase.

Allows the implementing agencies to consult with the Department of Insurance's working group on natural infrastructure investments and climate-related catastrophic event risk reduction.

Continuously appropriates funds from the Special Fund for Economic Uncertainties to the Director of Finance, who may allocate them to the Governor for purchasing these risk transfer products.

Amends Section 16418 of the Government Code to expand the purposes for which Special Fund for Economic Uncertainties moneys may be continuously appropriated to include these disaster mitigation insurance purchases.