SACRAMENTO, Calif., Oct. 27 -- The California Department of Insurance issued the following press release:
SACRAMENTO, Calif. - Insurance Commissioner Ricardo Lara today finalized the Long-Term Solvency Planning Regulation, establishing a first-in-the-nation framework requiring California-based insurance companies to prepare for climate risks, artificial intelligence, cyber threats, and other emerging challenges that could affect their financial strength and ability to pay claims over the coming decades.
The regulation provides the California Department of Insurance with additional forward-looking information and tools to identify vulnerabilities earlier, strengthen oversight, and address potential financial concerns before they become lar...