L.A. consumer group calls FAIR Plan insurance reforms an industry bailout

📆 30/7/2024 16:50:00
📰 latimes

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Proposed reforms of the California Fair Plan, the state's home insurer of last resort, ignited an immediate reaction with claims they amounted to an insurance industry bailout.

A new law that could force homeowners across California to cover billions of dollars of insurer losses caused by a catastrophic wildfire is generating pushback from a leading consumer group, which has called it an industry bailout.

Lara said Friday in a release announcing the agreement that 'modernizing the FAIR Plan is a crucial step in our strategy to stabilize California's insurance market.' The FAIR Plan's financial risk is overwhelmingly due to its residential policies, which account for about 95% of its $393 billion in total loss exposure, according to the insurer.

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