CA SB429

Establishes the Wildfire Safety and Risk Mitigation Program to fund competitive grants to universities for creating research and educational centers that develop, demonstrate, and deploy a public wildfire catastrophe model

Creates the Wildfire Safety and Risk Mitigation Account within the Insurance Fund to support public wildfire catastrophe modeling efforts

Defines "public wildfire catastrophe model" as a computerized process using best available science to simulate potential property damage from major wildfires, with publicly accessible documentation, data, and algorithms

Requires the Department of Insurance to create a framework and multiyear plan for developing the public wildfire catastrophe model and publish it on the department's website

Mandates the department provide budget allocation recommendations to the Senate and Assembly Insurance Committees, Assembly Emergency Management Committee, Budget Committees, and Governor by September 1, 2026

Grant priority given to projects benefiting disadvantaged communities, assisting government wildfire protection efforts, providing educational benefits for California students, and improving consumer understanding of catastrophe modeling