California Insurance Regulations Update

February 11, 2025  — Insurance Commissioner Ricardo Lara has approved a $1 billion funding request to ensure the FAIR Plan continues paying claims for Southern California wildfire survivors.

“I took this necessary consumer protection action with one goal in mind: the FAIR Plan must pay claims just like any other insurance company,” said Commissioner Lara. “Wildfire survivors can’t cash ‘what ifs’ to pay for food and rent, but they can cash FAIR Plan checks.”

Lara’s action supports his Sustainable Insurance Strategy, reinforcing FAIR Plan stability while reducing consumer burden. He also urged legislative reforms to strengthen the FAIR Plan’s financial standing ahead of future wildfires, emphasizing the need for long-term solutions to protect California homeowners.