Existing law creates the California FAIR Plan Association, a joint reinsurance association formed by insurers licensed to write and engaged in writing basic property insurance within this state, to assist persons in securing basic property insurance and to formulate and administer a program for the equitable apportionment among insurers of basic property insurance. Existing law defines “basic property insurance” for these purposes.

This bill would amend Insurance Code Section 10091 to define “basic property insurance” offered through the FAIR Plan to include condominium dwelling coverage. The bill would also add Insurance Code 10094.5 to require the association to file a new or amended rate application consistent with this definition within 90 days following the bill’s operative date.