CA | Insurance Commissioner Ricardo Lara released his catastrophe modeling regulation that will help restore options for all Californians, the latest phase of his Sustainable Insurance Strategy to safeguard the integrity of the state’s insurance market. The Department of Insurance will hold a public workshop on April 23 to take input before starting the process of submitting the regulation for approval by the Office of Administrative Law.
Today’s announcement keeps California on track for a December 2024 goal of enacting the state’s largest insurance reform in over 30 years. It follows Commissioner Lara’s release last month of a new regulation to improve oversight and handling of insurance rate filings.