California’s insurance commissioner approved a plan Tuesday, Feb. 11, to keep the state’s insurance of last resort solvent by collecting an additional $1 billion from all private insurance members after a record number of claims were filed following January wildfires in Los Angeles County.

The California FAIR Plan, the insurer of last resort, received approval to assess member carriers $1 billion to help pay its L.A. fire losses -- with consumers possibly on the hook for nearly half.

Bay Area homeowners likely will be on the hook for a share of a massive bailout of California’s insurer of last resort after it ran out of money to pay claims arising from the devastating Los Angeles wildfires.