Insurance Commissioner Ricardo Lara supports the FAIR Plan Stabilization Act (AB 226), aimed at strengthening the insurer-run FAIR Plan for future wildfire disasters. The bill, which passed the Assembly with 77 votes, seeks to enhance financial stability and allow the FAIR Plan to secure a line of credit. Key actions include raising coverage limits, offering discounts for wildfire property hardening, and improving payment options. Lara's Sustainable Insurance Strategy aims to increase regular policy availability in high-risk areas, ensuring the FAIR Plan remains a reliable safety net.
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