SB 505: Property insurance.

Under existing law, the California fair access to insurance requirements (FAIR) Plan Association is a joint reinsurance association of state insurers that is established to, among other things, assist persons in securing basic property insurance for qualified property for which insurance cannot be obtained through the normal insurance market.

Existing law requires the association to develop and implement a clearinghouse program to help reduce the number of existing FAIR Plan policies and provide the opportunity for admitted insurers to offer homeowners insurance policies to FAIR Plan policyholders.

This bill, on or after July 1, 2024, would require the association to develop and implement a similar clearinghouse program for commercial policies. The bill would require the association to comply with privacy statutes and regulations, as specified, pertaining to the information collected in both of the clearinghouse programs.