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California FAIR Plan Imposes $1 Billion Assessment to Stay Solvent After Wildfires

  • California's Fair Plan requires an additional $1 billion to cover claims from the Los Angeles wildfires, as stated by the State Insurance Department.
  • The Fair Plan anticipates a loss of about $4 billion from the Eaton and Palisades Fires, which began on January 7 and caused significant destruction.
  • Insurance Commissioner Ricardo Lara emphasized that the Fair Plan must pay claims like any other insurer, rejecting those wishing for the market's failure.
  • Consumer Watchdog is considering legal action to prevent a bailout that could shift costs to consumers, according to Carmen Balber, the Executive Director.
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nprnpr

Bailing out the FAIR plan, broligarchs beef, and CFPB RIP? : The Indicator from Planet Money

What's going on with the FAIR plan in a post-Eaton and Palisades fires California? What's the backstory to the frozen Consumer Financial Protection Bureau? And why are the two tech bros very publicly going at it? Indicators of the Week explains! Related episodes: How a consumer watchdog's power became a liability For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Fact-ch…

·Washington, United States
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The American SpectatorThe American Spectator

After the Wildfires, a Predictable Bailout - The American Spectator | USA News and Politics

As property owners struggle to find insurance policies, they’ve increasingly had to rely on the FAIR Plan (Fair Access to Insurance Requirements). The

·Alexandria, United States
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The Center SquareThe Center Square

California fire insurer of last resort to be bailed out by assessments on other insurers

(The Center Square) - California's state-supervised fire insurance provider of last resort received approval to levy a $1 billion assessment on private insurers to ensure it can continue paying claims from the devastating January 2025 wildfires.

·United States
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FortuneFortune

California’s last-resort insurer needs another $1 billion to pay LA fire claims, the first time it's asked for more money in over 30 years

The FAIR plan says it's expecting a loss of roughly $4 billion from the Eaton and Palisades Fires, which destroyed nearly 17,000 structures.

·New York, United States
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BerkeleysideBerkeleyside

Berkeley homeowners will have to pitch in to help fund high-risk insurer’s $1 billion ‘bailout’

It likely won't add up to much money per policyholder, but it signals the first time insurance companies will have imposed an assessment directly on customers.

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Business InsiderBusiness Insider

California's last-resort home insurer is getting a $1 billion bailout. Homeowners could be on the hook for some of the bill.

The bailout will be funded by the state's private insurers, but a new rule says they they can pass up to half of the cost on to customers.

·United States
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PBS NewsHour broke the news in Washington, United States on Monday, February 10, 2025.
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