Insurance: Climate and Sustainability Insurance and Risk Reduction Grant Program.

Existing law establishes the Department of Insurance, headed by the Insurance Commissioner, and provides for the powers and duties of the commissioner. Existing law requires the commissioner to convene a working group to identify, assess, and recommend risk transfer market mechanisms that promote investment in natural infrastructure to reduce the risks of climate change related to catastrophic events, create incentives for investment in natural infrastructure to reduce risks to communities, and provide mitigation incentives for private investment in natural lands to lessen exposure and reduce climate risks to public safety, property, utilities, and infrastructure.