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SB 1043

FAIR Plan policy reporting.

2025-2026 Regular Session Introduced by Brian Jones

SB 1043 would require the FAIR Plan to provide regular, standardized reports on its policy activity, performance, and finances to improve transparency and oversight.

Referred to Com. on INS.
#fairplanpolicyreporting
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WeVote Research Nonpartisan
Bill Summary · SB 1043

Summary of SB 1043 (2025-2026) – California

Purpose and intent

  • SB 1043 is a bill targeting reporting requirements for the FAIR Plan in California. The FAIR Plan (Fair Access to Insurance Requirements) is a state-created mechanism that provides property insurance coverage to high-risk or underserved markets, typically where private insurers are reluctant to offer coverage.
  • The bill's core aim is to enhance transparency and accountability by mandating specific reporting about FAIR Plan policy activity, performance, or financial status. The precise statutory reporting focus is to be determined by the bill’s text, but the intent is to ensure officials and the public have better visibility into how the FAIR Plan operates and delivers coverage.

Key provisions and changes (as implied by title and typical scope of “policy reporting”)

  • Establish or modify reporting requirements for the FAIR Plan:
    • What to report: potential categories include policy counts, enrollment trends, approval/declination rates, claims experience, assessment of risk, reserve levels, premium income, and loss ratios.
    • Frequency and timing: regular intervals (e.g., quarterly or annually) with deadlines for submission to oversight bodies or the legislature.
    • Auditing and verification: possible provisions for independent audits or standardized data submissions to ensure accuracy.
  • Data governance and accessibility:
    • Data privacy and handling rules for sensitive policyholder information.
    • Public reporting components, potentially including summarized dashboards or annual reports to legislators and possibly to the public.
  • Oversight and accountability:
    • Clarification of which committee or state agency will oversee the reporting (likely a committee in the California Legislature or a relevant insurance/utility regulatory body).
    • Possible consequences or remedies if the FAIR Plan fails to provide required information.

Who or what would be affected

  • The California FAIR Plan itself would be directly impacted as the subject of new or enhanced reporting requirements.
  • Stakeholders likely include:
    • Policyholders and prospective purchasers seeking transparency on coverage availability and FAIR Plan performance.
    • Private insurers, insurers’ associations, and brokers interacting with the FAIR Plan.
    • State regulators and legislators who rely on the reports to monitor FAIR Plan operations and to assess policy outcomes for homeowners or property insurance markets.
    • Taxpayers or ratepayers if reporting influences policy decisions, rate setting, or governance.

Procedural and timeline aspects

  • Action history indicates:
    • February 11, 2026: Introduced and read first time; assigned to the Assembly Committee on Insurance (RLS stands for Rules, Legislative, and Select Committee workflow; assignment to committee on insurance is implied by the “INS.” reference in the action history).
    • February 12, 2026: Bill was printed, with indication that it may be acted upon after March 14, per standard California legislative rules for introduction timing.
    • February 18, 2026: Referred to the Committee on Insurance.
  • If enacted, the bill would follow California’s standard implementation timeline for policy reporting requirements, including potential effective dates specified within the text (often phased in over a fiscal year or with a statutory effective date).

Practical implications

  • For consumers and stakeholders, the bill could improve transparency around the FAIR Plan’s operations, including how premiums are set, how policies are approved or denied, and how resources are allocated.
  • For the FAIR Plan, enhanced reporting may imply increased administrative workload and data collection requirements, as well as potential scrutiny by lawmakers and regulators.
  • For regulators and policymakers, the enacted reporting framework would provide a clearer basis for evaluating the FAIR Plan’s effectiveness in expanding access to property insurance and maintaining solvency and consumer protections.

If you’d like, I can tailor this summary to include specific statutory sections, potential fiscal impacts, or related California insurance code references once the bill’s full text is available.

Compiled from official sources — confirm details with the bill’s official record.

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