Relating to a catastrophic wildfire fund; declaring an emergency.
Catchline/Summary:
Creates the Catastrophic Wildfire Fund to pay for property damage claims arising from catastrophic wildfires that are ignited by the facilities of a public utility. Digest: Creates a fund to pay for damage claims arising from catastrophic wildfires. (Flesch Readability Score: 60.7).
Creates the Catastrophic Wildfire Fund to pay for property damage claims arising from catastrophic wildfires that are ignited by the facilities of a public utility. Allows a public utility to participate in and capitalize the fund. Defines "public utility."
Requires the Public Utility Commission to appoint an independent administrator to administer payments of eligible claims arising from a catastrophic wildfire. Provides for an independent administrator to prepare and present a plan of operations. Provides for a process to recapitalize the fund as needed, as determined by an independent administrator. Provides for procedures if an independent administrator determines that the fund is depleted.
Establishes a claims process. Limits the amount of property and noneconomic damages that may be recovered by a claimant from the fund.
Directs the commission to investigate whether the actions and conduct of a public utility prior to the ignition of a catastrophic wildfire were prudent or imprudent. Allows the commission to require a public utility whose actions were imprudent to reimburse the fund in whole or in part.
Allows a public utility, upon approval by the commission, to issue bonds and securitize debt for costs and expenses associated with contributions to the fund.
Applies to wildfires that begin on or after the effective date of this Act.
Declares an emergency, effective on passage.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact:
May Have Revenue Impact, But No Statement Yet Issued
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