Insurance Commissioner Issues New Regulations on Property Wildfire Risk Score Access
February 25, 2021
Insurance Commissioner Ricardo Lara released a set of proposed rules that would require insurance companies to provide a consumer with their property’s wildfire risk score. The rules would require the score to recognize a consumer’s mitigation actions that could improve their rating, such as creating defensible space and fire-hardening, and allow time for the consumer to reduce their score. The Commissioner will hold a public pre-notice workshop on March 30 on the wildfire risk score regulations.
In addition to the wildfire risk score regulations, Commissioner Lara also announced changes to insurance company rate filings rules. These proposed regulation changes would require homeowner insurance companies to submit the complete information they use to determine which properties to underwrite or renew. Additionally, the changes are intended to provide insurance companies with more upfront certainty regarding what materials and information that the Commissioner requires in filed rate applications with the California Department of Insurance and to eliminate delays caused by incomplete initial filings. For more information, contact Catherine Freeman at email@example.com.