California Insurance Regulations August Update
August 13, 2024
Dear Members,
I’m glad to inform you that Insurance Commissioner Ricardo Lara recently launched new rate review reforms aimed at stabilizing the state’s insurance marketplace.
This allows the California Department of Insurance to review rate change applications within the 60-day timeline prescribed under Prop. 103. This new action holds all parties accountable for meeting the Prop. 103 requirements – insurance companies, the Department of Insurance, and intervenor groups.
“Consumers benefit from a thorough and transparent rate review with more insurance products and greater availability coverage,” Commissioner Lara said. “Today, I am strengthening my Department’s ability to enforce timelines set more than 30 years ago under Proposition 103. Reducing unnecessary delays is critical to getting our state’s insurance marketplace back on track.”
To read more about the details and impact of this rate review reform, click here.
As always, we strive to keep you updated and informed on the latest insurance developments.
Sincerely,
Tom Freeley, CEO
Previous CDI communications about Insurance/ Insurance bill/ State Farm’s California Coverage Changes:
CDI Invitation to Workshop (March, 2024)
CDI Workshop Draft (March, 2024)
CDI Consumer Alert (March, 2024)
AB-2996 introduced by Assembly Member Alvarez
State Farm Pulls Out of California