Regulatory Changes Planned To Address Fire Insurance Crisis ...Middle East

Sacramento, CA — California Insurance Commissioner Ricardo Lara is putting forward a plan to reform fire insurance regulations, and it has backing from the governor and the head of the Farm Bureau. Insurers operating in California are currently free to decide where they want to offer policies, leading to many homes in high-risk areas being denied. Under Lara’s insurance regulatory reforms, larger companies would be required to start offering policies to no less than 85% of the properties in the distressed regions of the statewide market share. Smaller companies, new entrants, who cannot meet the 85% threshold, will need to expand their writing of policies by 5% in distressed areas. Or they c

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