Insurance
Jan. 13, 2025
Lawmakers propose FAIR Plan fix as insurers brace for litigation over wildfire costs
Attorneys say the approach in AB 226 might represent the best choice among a set of bad options.
Assemblymember David Alvarez
Two Southern California Assemblymembers have introduced a bill designed to stabilize California's FAIR Plan. But insurers forced to stay in fire prone California markets may soon go to court to limit their exposure.
Attorneys say the approach in AB 226 might represent the best choice among a set of bad options. It would allow the FAIR Plan, with the permission of the insurance commissioner, to issue "catastrophe bonds" to keep the fund solvent.
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