CA AB1522

Creates the California Wildfire Insurance Authority as a nonprofit, privately funded and publicly managed entity governed by a 3-member board consisting of the Governor, Treasurer, and Insurance Commissioner, with the Speaker of the Assembly and Senate Rules Committee Chair serving as nonvoting ex officio members.

Requires insurers to offer catastrophic wildfire insurance coverage as a separate policy starting January 1, 2023, for all residential and commercial property insurance policies that are issued, amended, or renewed.

Mandates insurers provide discounts of up to 20% on catastrophic wildfire insurance premiums for property owners who harden their homes against wildfires, with deductibles permitted and all rates subject to Insurance Commissioner approval.

Establishes the Catastrophic Wildfire Insurance Fund financed by state contributions, revenue bonds, assessments, and other investment strategies to provide reimbursement to participating insurers for catastrophic wildfire losses.

Creates the California Wildfire Protection Program to provide home inspections, hardening recommendations, and grants to residential property owners in high fire risk areas for costs associated with home hardening improvements.