Bill > SB495

This bill establishes the Insurance and Climate Risk Market Intelligence Act, which requires certain admitted insurers with written premiums of $50 million or more in specific insurance lines to submit annual reports to the California Insurance Commissioner about their reinsurance programs and catastrophic risk modeling. The bill mandates that insurers provide data on their reinsurance strategies by March 1st each year, starting in 2026, with the reports to include information about risk coverage, year-over-year changes, and California-specific details. The reports will be confidential and exempt from public records requests, but the Commissioner will publish an aggregated, anonymized version on their website. Insurers who fail to submit reports can be subject to civil penalties up to $5,000 for each 30-day period of non-compliance, which can increase to $10,000 per period and potentially reach a maximum of $100,000 if the failure is deemed willful. Additionally, the bill modifies existing insurance regulations related to claims during states of emergency, including requiring insurers to provide a 60% advance payment (up to $350,000) for personal property losses without an itemized claim and extending the time insureds have to provide proof of loss to at least 100 days. The legislation aims to help the state better understand insurance market trends, particularly in wildfire-prone areas, and support consumer insurance options.

Budget and Finance, Business and Industry, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB495