CA SB505

Requires the FAIR Plan Association to develop and implement a commercial insurance policy clearinghouse program by July 1, 2024, to reduce commercial policies and encourage insurers to offer coverage to FAIR Plan policyholders

Commercial clearinghouse program must allow admitted insurers first option to participate, with potential inclusion of nonadmitted insurers, through agreements setting forth terms and conditions

Association must comply with the Insurance Information and Privacy Protection Act and California regulations on nonpublic personal information privacy for both homeowners and commercial clearinghouse programs

Requires the association to provide policyholders with notice of how their personal information will be shared through clearinghouse programs and provide a method for policyholders to opt out of information sharing