Daily Business Report: Monday, September 29, 2025
California’s insurance commissioner targets Consumer Watchdog fees
By Dan Walters | CalMatters
The horrific string of wildfires that has plagued California in recent years, taking dozens of lives and destroying many billions of dollars in property, also created a crisis in property insurance.
Some insurers have abandoned California altogether, some have refused to take more clients, many have sought premium increases and the state’s insurer-of-last-resort, the FAIR plan, has seen so much new business that its long-term solvency is in doubt. Meanwhile, fire victims often complain that insurers and their adjusters are low-balling settlement offers.
Obviously California’s property insurance market needs reform of some kind to improve its viability, but it’s an infinitely complex mélange of financial risks and rewards, truly understood by only a few experts.
Transportation Department Redirecting $2.4 Billion From California High Speed Rail to Other Infrastructure Needs
By Melanie Sun| The Epoch Times
U.S. Department of Transportation Secretary Sean Duffy said on Monday that his department is redirecting $2.4 billion in funding originally earmarked for California’s long-delayed High Speed Rail project to other intercity rail projects that require federal support.
The department announced it will be receiving funding applications for “projects that enhance safety on intercity passenger rail networks” through the National Railroad Partnership Program.
“This is the first of many Trump Infrastructure Dividends whereby recompeted federal dollars will be redirected from wasteful boondoggles to real infrastructure projects that benefit the American people,” the department said in a statement.
Online Platforms Could Face $1 Million Fines for Hateful Content Under California Bill Pending Governor’s Signature
By Katy Grimes | California Globe
California state lawmakers have passed a bill that could impose hefty fines on social media platforms for amplifying “hateful content through their algorithms.
Senate Bill 771 arrived on Gov. Gavin Newsom’s desk on Sept. 22 and is waiting for him to either sign it into law or veto it.
Authored by state Sen. Henry Stern, a Democrat, the legislation outlines fines of up to $1 million for intentional violations and $500,000 for reckless violations of California law that prohibits intimidation or attacks targeting “race, religion, gender, sexual orientation, immigration status, or other protected characteristics.”
