Newsom Vows to Stabilize State’s Insurance Markets

Published on May 13, 2024

SACRAMENTO—California Gov. Gavin Newsom is planning to introduce language in the 2024-2025 fiscal year budget trailer bill to address the state’s insurance crisis, he said during his May 10 press conference announcing his revised budget plan. Such action follows through on an executive order signed by the governor in September 2023 which urged insurance commissioner Ricardo Lara to take prompt action to strengthen and stabilize the insurance markets affecting home and commercial property owners. “This is real, and it’s being felt across the United States,” Mr. Newsom said. “We need to get ahead of it … and we’re going to do some trailer bill language with this budget because the most important thing we need to do now—in addition to all the other things we laid out in the executive order and all the other things the insurance commissioner has already announced he wants to do—[is] we’ve got to move this.”...

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