Tag: Ricardo Lara

California Insurance Market Seeks Solutions Amid Homeowner Policy Crisis

Loreen
California insurance market health

California’s insurance landscape is poised for a substantial rewrite as authorities deal with the implications of devastating wildfires and market instability. With a pivotal public hearing on the horizon, Insurance Commissioner Ricardo Lara spearheads the effort to address the frustrations of both homeowners and insurers. The Plight of California Homeowners and Insurers Amid the ashes of devastating wildfires, Californian homeowners have faced soaring insurance premiums and widespread policy cancellations, driving the need for regulatory reform. A proposed overhaul by Commissioner Lara aims to streamline rate increase approvals and clarify regulations…

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California auto insurance delays to face possible crackdown

G. Turner
Auto insurance delays

The state has threatened to penalize insurers for tactics to stall in providing coverage to drivers. California drivers have been registering complaints regarding the challenge they face in trying to obtain the auto insurance legally required to drive in the state. In response, the state commissioner is warning of a potential crackdown against stalling insurers. Commissioner Ricardo Lara announced this week that his department has been receiving “numerous” complaints from auto insurance customers that are dealing with lengthy questionnaires, waiting periods and other stalling practices that are potentially violating Californian…

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California takes different tack than Florida to beat home insurance crisis

Marc
Home insurance - Home on fire - Option A Option B

Officials in the state are looking for options to support property insurers in wildfire prone regions. California officials are working to avoid facing a similar situation in their home insurance market to that faced by officials in Florida. Florida residents are livid with their elected officials for allowing premiums to skyrocket to current levels. Catastrophic storms have been sending home insurance rates steadily and steeply upward in Florida. California is aiming to avoid the same situation due to the regular and devastating storms blasting their way through. State officials in…

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California Insurance Commissioner Lara announces consumer protection appointments

Marc
California Insurance commissioner Ricardo Lara

Five reappointments were announced at COIN, and one was announced at the CAARP Advisory Committee. California Insurance Commissioner Ricardo Lara recently announced a string of appointments made statewide in his office’s pursuit of consumer protection improvements. There were five reappointments to the California Organized Investment Network (COIN) Advisory Board and one was made to the California Automobile Assigned Risk Plan (CAARP) Advisory Committee. Lara has been placing a substantial spotlight on consumer protection activities by his Department. “Protecting consumers and addressing inequality are top priorities for our Department,” said Insurance…

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Insurance companies must boost wildfire preparedness, says California commissioner

Marc
Wildfire preparedness - firefighter and scorched home

Ricardo Lara has called on property insurers to play a role in assisting homes and businesses in readiness. California Insurance Commissioner Ricardo Lara has called for property insurers across the state to play a larger role in boosting wildfire preparedness among homeowners and businesses. The goal is to create improved widespread readiness as the fire risk season approaches this year. At the end of last week, Lara gave an update on the actions that California communities are taking to help promote wildfire preparedness among state residents. He spoke during a…

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