Gov. Gavin Newsom signed a package of bills Thursday to strengthen California’s FAIR Plan after it suffered $4 billion in losses from January’s wildfires.

The legislation allows the insurer of last resort to issue bonds for catastrophic claims and adds legislative members to its governing board.

The plan assessed insurers $1 billion, with half potentially passed to customers statewide, and recently filed for a 36% rate increase.

Gov. Gavin Newsom signed legislation Thursday intended to bolster California’s property insurer of last resort, which was hit hard by January’s wildfires.

The package of bills attempts to ease the California FAIR Plan’s financial woes while also giving lawmakers more oversight over the carrier, which is operated by the state’s licensed home insurers and offer

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