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AB 226 (Calderon; D-City of Industry) is a crucial measure designed to strengthen the California FAIR Plan Association by providing additional financial tools to enhance liquidity and ensure claims-paying capacity. Specifically, the bill authorizes the FAIR Plan, with Insurance Commissioner approval, to request the California Infrastructure and Economic Development Bank to issue bonds—securing necessary funding to cover claims and stabilize the market for policyholders who cannot obtain traditional coverage.
Yesterday, BOMA California's Senior Director of Government Relations, Skyler Wonnacott, testified in the Assembly Insurance Committee in strong support of AB 226. BOMA California is proud to stand alongside a broad coalition of business groups in backing this critical measure. The bill passed the committee with unanimous support, underscoring its significance in fortifying California’s insurance framework.
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