Insurance Commissioner Ricardo Lara and the California Department of Insurance published a press release announcing major changes to the California FAIR Plan Association. This comes as part of an ongoing effort to combat the insurance crisis in California and stabilize the insurance market. 

 The FAIR plan will implement major changes within 30 days including:

  • Creating a new commercial coverage option with limits of up to $20 million per building
  • Creating a sound financial formula for extreme loss scenarios to protect policyholders
  • Requiring increased public reporting on plan activity and customer service metrics

 

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