Regulation/Legislation

The proposed reforms show a sea change from where the California Department of Insurance was six months ago.

The law will require companies to report cyber incidents within 72 hours and flag paying a ransom within 24 hours.

The order tasks the insurance commissioner with improving the rate approval process, a long-time sticking point with carriers in the state.

The one-year moratorium will impact more than 15,000 policyholders in Del Norte and Siskiyou counties.

Previous regulations required that risk retention groups be domiciled in New York State in order to write policies for not-for-profits.

The weekly minimum benefits will increase from $150 to $275 in 2024 and $325 in 2025. By 2026, the minimum will equal one-fifth of the state's average weekly wage.

The first round will award 500 grants to Citizens homeowner policyholders.

After a banner 2022, the WSIA PAC Committee set an aggressive fundraising goal for 2023.