AB 888: California Safe Homes grant program.

Existing law creates the Department of Insurance, headed by the Insurance Commissioner, and prescribes the departments powers and duties. Existing law directs the department and commissioner to administer various grant programs that, among other things, defray property retrofitting costs. Existing law requires an insurer doing business in this state to pay an annual tax based on the amount of gross premiums the insurer received during that year.

This bill would establish the California Safe Homes grant program to be developed by the department to reduce local and statewide wildfire losses, among other things. The bill would require the department to prioritize specified needs when awarding grant funds, and would require eligible program applicants, which would include individuals, cities, counties, and special districts, to meet specified criteria. The bill would establish the Sustainable Insurance Account within the Insurance Fund, which would be continuously appropriated to fund the program. The bill would require 40% of the amount of the gross premiums tax collected from property and casualty insurance above the amount collected from those insurers in 2023 to be deposited into the account. By depositing general fund moneys into a continuously appropriated account, the bill would make an appropriation. The bill would require the department to collect specified information about the performance of the program and, on or before January 1, 2027, and every 2 years thereafter, to publish a performance report that would be posted to its internet website and submitted to the Legislature.