CALIFORNIA, USA — Insurance officials say a first-of-its kind regulation is another step toward ending California’s insurance crisis.
“What we’re doing is a comprehensive reform to 30-year-old insurance rules that really haven’t stood the test of time, that aren’t helping Californians get the coverage they need, and at the end of this process, when we complete our work this year, Californians are going to have more options for insurance,” said Michael Soller, spokesperson for the California Department of Insurance.
Insurance Commissioner Ricardo Lara announced the Department of Insurance sent in its last wildfire catastrophe modeling regulation for approval. If approved, insurers would be required to make coverage commitments for underserved areas in order to use catastrophe modeling for ratemaking. It would also factor in the efforts people make to protect their homes as well…