Plain English Breakdown
Checked against official source text during the last sync.
Climate Insurance Grant Program
This law creates a new grant program to test ways of lowering insurance costs and expanding coverage options related to climate risks.
What This Bill Does
- Creates the Climate and Sustainability Insurance and Risk Reduction Grant Program within the Department of Insurance.
- Requires the department to develop proof-of-concept projects that expand available insurance choices.
- Tests community-purchased insurance models with the goal of reducing overall costs for people.
- Mandates reports on program results be sent to state lawmakers by January 1, 2029, and every three years after.
- Sets a date to end these specific rules if they are not renewed before January 1, 2035.
Who It Names or Affects
- The Department of Insurance
- Communities that may participate in new insurance tests
- State lawmakers on the Senate and Assembly Committees on Insurance
Terms To Know
- Grant Program
- A system where money is given to specific projects or groups for a set purpose.
- Proof of Concept
- A small test project used to show if an idea works before using it widely.
- Community-Purchased Insurance
- Insurance bought by a whole group or neighborhood together instead of by single people.
Limits and Unknowns
- The program only gets money if the Legislature decides to approve funding.
- Details about exactly which communities or projects get chosen are not in this text.