AB 905: Residential property insurance: Wildfire risk reporting penalties.

Existing law establishes the Department of Insurance, headed by the Insurance Commissioner, which regulates insurers and insurance practices. Existing law requires an admitted insurer with written California premiums totaling $10,000,000 or more, to submit a report, as specified, to the commissioner with specified fire risk information on its residential property policies. Existing law subjects an admitted insurer that fails to submit a report to a civil penalty to be fixed by the commissioner, not to exceed $5,000, or $10,000 if the act was willful.

This bill would increase the limit of the penalty against an admitted insurer for a willful failure to report specified fire risk information on its residential property policies from $10,000 to $15,000.