Bill > AB69

This bill addresses requirements for the California FAIR Plan (Fair Access to Insurance Requirements), a state-mandated insurance association that provides property insurance to homeowners who cannot obtain coverage through traditional insurance markets. The bill requires two key actions: first, the FAIR Plan must provide all policyholders with an annual notice in 14-point boldface type that encourages them to contact their broker about potentially finding alternative insurance coverage, highlighting that the FAIR Plan may not be their only option and directing them to use the California Department of Insurance Home Insurance Finder. Second, before renewing a FAIR Plan policy, the broker of record must actively investigate whether the policy can be moved to a voluntary market insurance company, which means using their professional knowledge and experience in attempting to place similar insurance coverage. These provisions aim to help homeowners explore more comprehensive or potentially more affordable insurance options and reduce reliance on the FAIR Plan, which is typically a last-resort insurance option for high-risk properties.

Budget and Finance, Business and Industry

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB69