SB 292 Summary

• Requires the Insurance Commissioner to complete a study on wildfire risk and insurance, including market-based approaches, by July 1, 2022.

• Repeals Section 12966 of the Insurance Code and replaces extensive provisions related to the Insurance Market Action Plan (IMAP), FAIR Plan reporting requirements, catastrophic loss modeling, and an advisory committee with a streamlined study requirement.

• The bill was amended multiple times (June 17, 2019; May 4, 2020; August 25, 2020) to remove provisions establishing IMAP eligible counties, mitigation standards for insurance filings, catastrophic modeling advisory committees, and reporting requirements for the Office of Planning and Research.