SB 1370: Covered wildfire mitigation projects: consolidated and expedited review.

The bill aims to improve the handling of wildfires in California by evaluating and setting forth recommendations on new models or approaches to mitigate damage, accelerate recovery, and allocate the burdens of natural catastrophes across stakeholders. It requires the administrator to prepare and submit a report to the legislature by April 1, 2026, which includes recommendations on improving property insurance accessibility and affordability, as well as evaluating alternative structures to socialize risk of damage from natural catastrophes. The report must also include the administrator's findings and recommendations for the wildfire fund, which is used to pay eligible claims against participating electrical corporations arising from wildfires.