CA AB2450

Insurance Commissioner must convene a working group by July 1, 2023, to study allowing admitted insurers to offer homeowners' and commercial property insurance policies with wildfire loss deductibles.

Commissioner shall identify industries, particularly farming, that struggle to obtain affordable commercial property coverage due to wildfire risk and examine whether wildfire deductibles could benefit these industries.

Working group must include department staff, insurance industry representatives, consumer advocates, FAIR Plan representatives, affected industry representatives, legislative staff from both houses, and Governor's Office staff.

Commissioner must submit a written report by July 1, 2024, summarizing the working group's findings and recommendations and post it on the Department of Insurance website.