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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.

Lawmakers propose FAIR Plan fix as insurers brace for litigation over wildfire costs
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.

"You h...

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