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The California Fair Access to Insurance Requirements, or FAIR, Plan was established in 1968 in order to provide insurance coverage to homeowners in high-risk areas, whether that means their ...
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As a last resort, homeowners and businesses in those areas have turned to California's FAIR plan, a backstop insurance provider funded by the companies that do business in the state, which charges ...
The FAIR plan has about 375,000 policyholders, and the insurer’s total risk exposure was $311 billion as of December 2023; it was $50 billion in 2018. Read more: He claims to have saved ...
Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
Insurance companies doing business in California must put money into a fund to pay for coverage under the FAIR Plan. The number of people on the FAIR Plan has nearly doubled in recent years ...
A highly anticipated piece of California’s plan to entice home insurers back into the state received support from representatives of major companies during a public hearing Wednesday.. Insurers ...
Since 2019, the number of residential policies in the FAIR Plan has soared by 164% and in the first three-quarters of financial year 2024, the plan has added 134,576 new policyholders.