2022 Mariposa County Oak Fire view from the PG&E Mount Bullion Live Camera on Friday, July 22 at 5:56 P.M
“Legislature would be meeting the urgency of the moment” by enacting important part of Commissioner’s Sustainable Insurance Strategy
May 30, 2024 - LOS ANGELES — Insurance Commissioner Ricardo Lara released the following statement in support of new budget “trailer bill” language introduced today by Governor Gavin Newsom. The language implements needed reforms modernizing the Department of Insurance’s rate application, review, and approval process that are part of Commissioner Lara’s Sustainable Insurance Strategy to address the state’s insurance crisis. Under this proposal, the Department of Insurance will create a data reconciliation tool that will help achieve a thorough rate review within the current 60-day timeline prescribed under Prop. 103:
“I appreciate Governor Newsom’s strong backing of my Strategy and his continued commitment to make sure we have the support and resources we need to implement effective, lasting reform.
“The Department’s rate review is the public’s check on rates, making sure consumers do not pay more than they are required for coverage. This proposal strengthens my Department’s ability to hold all parties to a rate filing accountable, including insurance companies and intervenors. We will continue to thoroughly review each and every rate application filed to make sure they are compliant with our laws and justified under Prop. 103, and that consumers are protected.
“To safeguard the integrity of the insurance market – composed of consumers, homeowners, and business owners – we must fix a system suffering from decades of deferral and delay. This measure is one of several parts of a comprehensive plan to enact long-overdue regulatory reforms. The Legislature can do its part to support my reforms by giving this proposal a fair and full consideration, including public input. By enacting this important part of our strategy in statute, the Legislature can help us meet the urgency of the moment.
Source: CA. Dept. of Ins.
