FAIR Plan to assess insurers $1 billion for L.A. fires

FAIR Plan to assess insurers $1 billion for L.A. fires; consumers may be on the hook for nearly half
The California FAIR Plan, the state's insurer of last resort, has received approval to assess its member carriers $1 billion to help pay its L.A. fire losses -- with consumers possibly on hook for nearly half under new state policy.
California Seeks $1 Billion From Insurers to Shore up FAIR Plan After LA Fires
(Reuters) - California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ravaged swathes of land in and around Los Angeles last month.
California homeowners to face new fees to keep fallback insurance plan solvent
After saying it would run out of funds by March, California’s last-resort fire insurance provider will impose a special charge of $1 billion on homeowners and insurance companies, the first such move in more than three decades.
California FAIR Plan needs $1 billion more to pay out claims from LA fires
California’s plan that provides insurance to homeowners who can’t get private coverage needs $1 billion more to pay out claims related to the Los Angeles wildfires, the state Insurance Department said Tuesday.
Wildfire victims file more than 4,400 claims with California’s FAIR Plan, home insurer of last resort
That’s enough to kick the plan’s strained finances further into crisis mode, increasing the chances that homeowners statewide will see insurance costs rise.
FAIR Plan gets 4,400 insurance claims from LA County wildfire victims
California’s insurer of last resort reported that claims now are high enough to trigger “reinsurance” payments from back-up providers.
California’s insurer of last resort runs out of money to pay L.A. fire claims
In the aftermath of the Los Angeles fires, the FAIR plan gets a $1 billion bailout — the latest indication that California’s home insurance market is on shaky footing.
California FAIR Plan is running out of money; nearly all homeowners to help bail it out
The California FAIR Plan does not have enough money to weather the impact of the record-breaking Los Angeles wildfires on its own. Instead, it will turn to private insurers for help — triggering a process where insured California homeowners across the state will end up paying part of the bill.
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California FAIR Plan gains approval for $1bn assessment from member firms
The California FAIR Plan Association, a consortium of all insurers licensed to provide property insurance in the state, has ...
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Commissioner Lara Takes Action to Ensure FAIR Plan can Continue Paying Consumer Claims After the Southern California Wildfires
Ordering the insurance companies’ FAIR Plan to continue swiftly paying claims to Southern California wildfire survivors, Insurance Commissioner ...