STATE INSURANCE COMMISSIONER HOLDS INVESTIGATORY HEARING OCT. 19 ON INSURANCE COST AND AVAILABILITY AFTER WILDFIRES

Source: California Dept. of Insurance

Photo: Creative Commons via Bing

October 16, 2020 (Los Angeles) -- With devastating fires continuing to burn across California, Insurance Commissioner Ricardo Lara is convening an investigatory hearing to initiate a series of regulatory actions that will protect residents from the increasing risk of wildfires. Commissioner Lara is taking action to stabilize the insurance market while protecting lives and homes, reducing catastrophic wildfire losses and increasing transparency for consumers. 

The hearing will address issues including:

• Insurance availability and affordability
• Need for consistent home-hardening standards and insurance incentives for mitigation
• Lack of transparency from insurers on wildfire risk scores and rate justification

WHAT: Virtual investigatory hearing on homeowners’ insurance availability and affordability 

WHO: Insurance Commissioner Ricardo Lara with testimony from homeowners, first responders and other members of the public 

WHEN: Monday, October 19, 2020, 1 p.m. – 5 p.m.

1:00 p.m. – 1:15 p.m.: Insurance Commissioner Lara’s Welcoming Remarks 

1:15 p.m. – 1:45 p.m.: Department of Insurance Presentation

Public comment to follow

JOIN: To register email cdipress@insurance.ca.gov. The virtual hearing will be held via Zoom format and you will receive an email confirming your attendance. 

Members of the public should email CDIRegulations@insurance.ca.gov to register.