California lawmakers pull the plug on Newsom’s wildfire liability plan

In an extended-session move, the California Assembly killed a slimmer version of Gov. Newsom’s wildfire liability package (SB 492), effectively punt­ing the issue for a broader, more comprehensive fix after insurers and legislators framed the deal as insufficient. Newsom said the core problem requires a larger solution, and lawmakers pledged to continue work on wildfire liability while the bill’s collapse drew scrutiny and briefly rattled utility stocks.