Jane Kim elected California insurance commissioner with disaster coverage plan

CBS News Bay Area reported that Jane Kim will be California's next insurance commissioner, according to projections by the Associated Press.

Kim, a former San Francisco supervisor, ran on a platform to reform how Californians are insured against disasters such as wildfires, earthquakes, and floods.

As insurance commissioner, Kim will oversee the California Department of Insurance, regulating companies, enforcing laws, and addressing consumer complaints, CBS News Bay Area explained.

Her campaign proposed creating a public nonprofit insurance pool called "Natural Disaster Insurance for All," which would provide coverage for major disasters and be funded by premiums similar to the private market.

Kim emphasized that minor adjustments to the current system would not solve what she described as a systematic failure in the insurance industry.

This proposal is distinct from California's existing FAIR Plan, which is not a state-run insurance company.