GOVERNOR NEWSOM WARNS THAT LENDERS MUST PROVIDE TIMELY AND FAIR PAYOUTS TO LA FIRE SURVIVORS
The following information was released by the office of the Governor of
Across
Rebuilding is well underway, with nearly 2,500 homes now under construction. According to recent survey data from the
However, many survivors report challenges accessing relief funds due to delayed release of insurance funds held in escrow by their mortgage lenders during construction. Today, in a letter to associations representing banks, credit unions, and mortgage lenders, he warned that too many survivors report that lenders add unnecessary red tape to rebuilding by slowing the disbursement of insurance funds during construction. Holding funds in escrow is a standard part of the rebuilding process, but the scope of this disaster has shown that expanded capacities and accelerated processes are needed. The Governor directed the new
Separately, the Governor,
The letter notes that the
Strengthened
Advanced insurance market reforms: Issued an executive order in 2023 urging the
Invested in wildfire risk reduction: Committed billions of dollars to forest management, prescribed burns, and vegetation treatment, and expanded home hardening and community wildfire mitigation programs.
Maintained strong consumer protections: Preserved public review and justification requirements for rate increases and ensured continued oversight by one of the nation's strongest insurance regulatory frameworks as
CA
Accelerating recovery and protecting communities
Many survivors lost community spaces, historic neighborhood pillars, and schools that made communities feel like home.
Fast-tracking permitting and rebuilding.
Providing tax and mortgage relief to those impacted by the fires.
Suspending building codes. In addition to issuing multiple executive orders,
Safeguarding survivors from speculators and price gouging.
Creating a new
Getting kids back in the classroom.
Trump abandons LA fire survivors
In addition to taking action to speed rebuilding, the Governor is also standing up for the
The federal government plays a critical role as a partner to the state in this long-term recovery effort. Funding in this supplemental appropriation would:
Fund the rebuilding of schools, childcare centers, homes, and vital community facilities.
Keep small businesses open, support the economy, and maintain jobs.
Restore damaged water systems, underground and harden critical infrastructure, and improve sidewalks, streets, and traffic safety.


WATCH: PRESSLEY URGES FEDERAL RESERVE CHAIR WARSH TO ADDRESS BLACK WORKERS' UNEMPLOYMENT CRISIS, UPHOLD MAXIMUM EMPLOYMENT MANDATE
CALPERS HOLDS HEALTH PREMIUM INCREASE TO 4.97% FOR 2027 WHILE ADVANCING CARE QUALITY
Advisor News
- Wealth planning vs. estate planning: Honoring your client’s wishes
- What to discuss during the first retirement planning meeting
- Inflation, competing priorities and uncertainty erode retirement security
- As health premiums rise, 1 in 8 workers cut retirement savings
- CT governor’s candidates claims: What’s true, and what’s misleading
More Advisor NewsAnnuity News
- National Life Group expands annuity portfolio
- AM Best to Join Life/Annuity Insurance-Focused Panel Discussion at Capitol Forum Event
- USAA Earns No. 1 Ranking in JD Power Individual Annuity Study for the Third Consecutive Year
- How flexible annuities fit today’s retirement portfolios
- Foresters Financial appoints Tom Ross as chief distribution officer for U.S. annuity sales
More Annuity NewsHealth/Employee Benefits News
- Pennsylvania Health Plans Must Cover Colon Cancer Screening at 45
- In Miami-Dade court, health insurer fights an order to cover $48,500 cancer drug
- Fed judge blocks Medicaid work requirement rule
- Health insurers leave millions unpaid for mental health crisis care in California
- Commissioner places Mending Health in conservatorship
More Health/Employee Benefits NewsLife Insurance News
- AM Best Affirms Credit Ratings of Insignia Life S.A. de C.V.
- FINANCIAL FRAUD
- Security Benefit Announces Planned Dividend Rate Reset for Series B Preferred Stock
- Palmetto Heritage and Atlantic Coast Life Announce Discussions Regarding Potential Acquisition
- Jury finds insurance company acted in bad faith, awards Nebraska woman $11.3M
More Life Insurance News