Legislation to give California insurance regulators more power is pulled from the Legislature

For the past several months, California legislators have been toiling over a bill that would give the state’s insurance regulators expansive new powers. The bill would have expanded upon regulator’s authority and enabled them to reject or revive insurance rate proposals from the state’s insurance companies. The bill has generated a fair amount of opposition, especially from insurers who are loathe to see regulators wielding more authority. Now the future of the bill is uncertain, as its author, Assemblyman Mike Feuer of Los Angeles, pulls it from consideration. Feuer’s legislation…

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California legislators toil over bill that could give insurance regulators increased authority

California lawmakers have been embroiled in a legislative battle over the authority of the state’s insurance regulators. Earlier this year, legislation was introduced that would expand the power of regulators and give them full authority to deny or approve insurance rate increases from the state’s insurance companies. Under the law, regulators would be able to deem rate increases unjustified and excessive with minimal information to back up their determination. This legislation has attracted its fair share of opponents, but the bill’s supporters say that the state must be able to…

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