California: Governor Newsom Signs Executive Order to Strengthen Property Insurance Market
The Californer/10254986

SACRAMENTO ~ In response to the increasing threats of climate change, Governor Gavin Newsom has issued an executive order urging Insurance Commissioner Ricardo Lara to take swift action to stabilize and improve California's property insurance marketplace.

The order requests that the Commissioner take regulatory action to strengthen and stabilize the marketplace, with the goal of expanding coverage choices for consumers, particularly in underserved areas of the state, while maintaining fair prices and protections for Californians. It also seeks to improve the efficiency, speed, and transparency of the rate approval process and maintain the solvency of the FAIR Plan.

Governor Newsom said: "This is yet another example of how climate change is directly threatening our communities and livelihoods. It is critical that California's insurance market works to protect homes and businesses in every corner of our state. A balanced approach that will help maintain fair prices and protections for Californians is essential. I look forward to continuing to work with Commissioner Lara and others to strengthen our marketplace and protect Californians."

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The executive order also directs the Department of Finance to consult with the California Department of Insurance in order to support the rulemaking process and help accelerate implementation of potential regulations. This comes as some companies have already announced they will stop issuing new policies in California, while others are limiting policy renewals.

It is clear that Governor Newsom recognizes how important it is for California's insurance market to work effectively in order to protect homes and businesses throughout the state from climate change-related disasters. He hopes that by taking swift action, Commissioner Lara can help stabilize the state's marketplace while keeping plans affordable for consumers.

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