SB523 proposes a commission to explore financial estimates for California's earthquake threats and federal support in worst-case scenarios.

SB523 adds provisions to the Insurance Code, establishing a commission to explore financial estimates for statewide earthquake threats and potential federal support in worst-case scenarios. The commission, composed of board members or their designees, must conclude its work by April 1, 2027, and submit a report to the Legislature by June 1, 2027, on the feasibility of a disaster insurance program in California. The commission will be supported by authority staff, with additional staff provided by the department if necessary.

SB523 proposes a commission to explore financial estimates for California's earthquake threats and federal support in worst-case scenarios.

SB523 adds provisions to the Insurance Code, establishing a commission to explore financial estimates for statewide earthquake threats and potential federal support in worst-case scenarios. The commission, composed of board members or their designees, must conclude its work by April 1, 2027, and submit a report to the Legislature by June 1, 2027, on the feasibility of a disaster insurance program in California. The commission will be supported by authority staff, with additional staff provided by the department if necessary.