One provision in the failed proposal to California regulators would have given insurance companies credit for the reinsurance costs that impact their pricing. (Credit: Stephen Finn/Shutterstock)
California lawmakers this week failed to come to terms over a last-minute bid that sought to deliver solutions for the state's ongoing insurance crisis.
A small group of policymakers and other stakeholders — including carrier representatives, members of the California building industry and the state's farm bureau — for weeks had conferred privately to develop an agreement that would have been submitted prior to the Sept. 11, 2023 deadline for new legislation.
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