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The proposal is part of California Insurance Commissioner Ricardo Lara's goal to enact insurance reform during 2024.

Insurance industry trade groups herald the new law, which allows insurers to waive pre-insurance inspections, noting it was a long time in the making.

Collectively, the four small insurers currently hold around 43,400 home policies in the state.

The state has shortened the application review timeline for captives, among other changes.

Insurers under a new plan have agreed to write at least 85% of their California market share in high-risk zones.

The sector's success is largely pegged to a favorable pricing environment and growing demand from hard to place risks.

The proposed reforms show a sea change from where the California Department of Insurance was six months ago.

Previous regulations required that risk retention groups be domiciled in New York State in order to write policies for not-for-profits.