CA AB970

Establishes the Climate and Sustainability Insurance and Risk Reduction Program to expand insurance options in vulnerable and disadvantaged communities where climate risks are currently uninsured or underinsured.

Creates 8 pilot projects in specified jurisdictions (Humboldt Bay, Imperial Beach, Imperial County, northern Sierra Nevada, Pala Band Reservation, Sacramento-San Joaquin region, San Fernando Valley, and San Mateo County) to address flooding and extreme heat risks and reduce protection gaps.

Requires each jurisdiction to develop pilot projects that prioritize predisaster mitigation, leverage nature-based solutions, conduct community outreach, and establish financial resilience programs including potential insurance contracts.

Mandates participating jurisdictions to submit periodic reports to the Department of Insurance on costs, benefits, risk reduction actions, and risk communication efforts.

Sunsets the program on January 1, 2035, with the department required to issue a final report to the Legislature on pilot project results by that date.