Insurance Commissioner Ricardo Lara News

Court: California Can Expand Insurance for Wildfire Areas

SACRAMENTO, Calif. (AP) — California’s insurance commissioner can order the “insurer of last resort” to offer more options for homeowners who can’t buy traditional coverage because they live in areas threatened by wildfires, a judge ruled. Massive wildfires in recent …

Analysts Say Cat Models Would Encourage Wildfire Mitigation Measures

Predictive modelers told California regulators on Thursday that the state’s antiquated rules for calculating wildfire risk when setting property insurance rates discourage innovative mitigation measures that could ultimately reduce losses. Nancy P. Watkins, a principal and consulting actuary for Milliman, …

Contractor in Surety Dispute Accuses Arch Insurance of Fraud

A Southern California construction company accuses Arch Insurance Co. of “fraudulent and deceptive behavior,” and has hired the public relations specialist who represented Michael Cohen when he spoke out against President Donald Trump to take those allegations to the press. …

Court Rules California FAIR Plan Can Offer Only Fire Insurance

SACRAMENTO, Calif. — A fund that offers only fire insurance to California residents in wildfire-prone areas can’t be required to provide coverage for other hazards such as flooding or theft, a judge ruled this week. Superior Court Judge Mary Strobel …

Insurance Plan Fights Overhaul Aimed at Wildfire Areas

SACRAMENTO, Calif. — As California homeowners in wildfire-prone areas struggle to find insurance, a lawsuit filed Friday will test the state’s authority to help them. California’s insurance industry pays into a fund that sells coverage to people who can’t buy …