September 14, 2023 - Sacramento, CA – Insurance Commissioner Ricardo Lara on Wednesday issued the following statement regarding the next steps to build the resiliency and sustainability of California’s insurance market comprised of consumers, homeowners, and businesses:

“As Insurance Commissioner, I have used every resource at my disposal to protect consumers. We have gone to every corner of the state, listening to thousands of consumers in hundreds of town hall meetings and living rooms. And we have been leading – from the first-in-the-nation discounts for homeowners and business owners that harden their properties from wildfires, to protecting consumers and businesses by modernizing the FAIR Plan, to supporting landmark investments in wildfire mitigation by the Governor and Legislature. 

“There is no doubt that because of climate change, our planet, country, and state are at an insurance crossroads. Our current path is unsustainable. In California, our ongoing partnership with the Governor and Legislature to improve conditions for the consumers, homeowners, and businesses that make up our insurance marketplace is critical to crafting lasting solutions.

“I have always been clear, legislation is one of many options that we have been pursuing. We also are moving forward with a package of regulatory solutions that will streamline the Department’s rate review process, opening it equitably to public input — not just the entrenched interests that have benefited materially from the status quo.”

“We will continue moving forward. Together, we can create a sustainable and resilient insurance market to protect Californians, our communities, and our environment.”

Source: CA. Dept. of Ins.