The Southern California wildfire crisis struck just when the Department of Insurance’s “Sustainable Insurance Strategy” was set to go into effect.
Only days prior to the fires breaking out, the DOI announced the final step in the implementation of the regulations designed to keep insurers in the state and stabilize the FAIR Plan. The DOI called this the final major element in the “largest insurance reform in 30 years in California.” The Strategy’s efficacy will be tested in its debut year by the largest and most costly fire losses in California history. Read the full article here.
