CaliforniaInsurance: Climate and Sustainability Insurance and Risk Reduction Grant Program.
What it does
Existing law establishes the Department of Insurance, headed by the Insurance Commissioner, and provides for the powers and duties of the commissioner. Existing law requires the commissioner to convene a working group to identify, assess, and recommend risk transfer market mechanisms that promote investment in natural infrastructure to reduce the risks of climate change related to catastrophic events, create incentives for investment in natural infrastructure to reduce risks to communities, and provide mitigation incentives for private investment in natural lands to lessen exposure and reduce climate risks to public safety, property, utilities, and infrastructure.
More detail
This bill would require the department to establish and administer the Climate and Sustainability Insurance and Risk Reduction Grant Program, to be funded upon appropriation by the Legislature, for the purpose of achieving specified goals, including developing proofs of concept that expand insurance options and testing community-purchased insurance to reduce overall insurance costs, as specified. The bill would require the department to report to the Senate Committee on Insurance and the Assembly Committee on Insurance on program results on or before January 1, 2029, and on or before January 1 every 3 years thereafter. The bill would repeal these provisions on January 1, 2035.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.Latest
- Jan 31Died pursuant to Art. IV, Sec. 10(c) of the Constitution.Major
- 2025
- May 23In committee: Held under submission.
- May 14In committee: Set, first hearing. Referred to APPR. suspense file.Minor
- Apr 23From committee: Do pass and re-refer to Com. on APPR. (Ayes 17. Noes 0.) (April 23). Re-referred to Com. on APPR.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Apr 23Coauthors revised.
- Apr 21Re-referred to Com. on INS.Minor
- Apr 10From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.Major
- Mar 18Re-referred to Com. on INS.Minor
- Mar 17From committee chair, with author's amendments: Amend, and re-refer to Com. on INS. Read second time and amended.Major
- Mar 17Referred to Com. on INS.Minor
- Feb 24Read first time.Minor
- Feb 22From printer. May be heard in committee March 24.
- Feb 21Introduced. To print.Introduced