REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
June 25, 2024
FROM
DAWN ROWE, Chair and Third District Supervisor, Board of Supervisors
SUBJECT
Title
Strengthen and Stabilize California's Marketplace for Homeowners Insurance and Commercial Property Insurance
End
RECOMMENDATION(S)
Recommendation
Adopt Resolution requesting that the California Insurance Commissioner, State Legislature, and the Governor declare a state of emergency and take immediate emergency regulatory and legislative action to strengthen and stabilize California's marketplace for homeowners insurance and commercial property insurance.
(Presenter: Dawn Rowe, Chair and Third District Supervisor, 387-4855)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Provide for the Safety, Health and Social Service Needs of County Residents.
FINANCIAL IMPACT
Approval of this item will not result in the use of additional Discretional General Funding (Net County Cost) as the Resolution is non-financial in nature.
BACKGROUND INFORMATION
In 1988, California voters enacted Proposition 103, which established a robust set of consumer protections designed to keep insurance rates fair and affordable and to ensure a competitive marketplace.
Last year, two of the State's largest insurance carriers, representing over 27% of the admitted insurance market in California, announced they would stop issuing new homeowners and commercial property insurance policies in California. Several others, representing more than an additional 36% of the market, announced plans to limit new policy origination.
The reduction of insurance options in the State has a direct negative effect on consumer access to coverage: in all parts of the State, homeowners, business owners, and farmers are now unable to obtain new insurance policies from the admitted insurance market. Access to insurance allows existing homeowners to protect what is for many their larges...
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