Tag: California insurance regulation

California Insurance Companies Pull Out, But This Rule Could Bring Them Back

Live Insurance News
California Insurance

California’s New Rules to Tackle Home Insurance Crisis with Reinsurance Costs California has unveiled a new regulation allowing home insurers to charge higher premiums to cover reinsurance costs. This decision, led by Insurance Commissioner Ricardo Lara, marks the latest step by the state to address its home insurance crisis, as insurers withdraw from high-risk wildfire areas. Here’s what you need to know about the changes and how they could reshape the state’s insurance market. What the New Reinsurance Regulation Means For the first time in California, insurers can factor reinsurance…

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Consumer Watchdog Demands Public Hearing on State Farm’s Proposed 30% Rate Hike

H. Cutner
Consumer Watchdog - Public hearing - California Flag - Insurance rate hike

Consumer Watchdog Digging for Dirt in State Farm’s Backyard Consumer advocacy group Consumer Watchdog has called on California Insurance Commissioner Ricardo Lara to convene a public hearing regarding State Farm’s proposed 30% hike in homeowners’ insurance rates. The group contends that the proposed increase is intended to enhance the insurer’s financial stability rather than address anticipated claims, potentially resulting in a $5.2 billion burden on consumers. Concerns Over Financial Burden Consumer Watchdog’s petition, filed under Proposition 103, mandates a public hearing on rate increases when requested by the public. The…

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California’s Most Significant Insurance Overhaul in 30 Years

Loreen
california insurance

California is at the cusp of a seismic shift in its insurance landscape, a change that aims to reform and revitalize the state’s insurance market. Insurance Commissioner Ricardo Lara unveiled a sweeping set of regulatory reforms poised to overhaul Proposition 103—the foundation of California’s insurance regulations for the past three decades. Commissioner Lara’s Progressive Steps to Insurance Overhaul The upcoming reforms come as part of the commissioner’s ambition to achieve a full-scale reform by year’s end for both home and auto insurance. At the heart of Lara’s reformation strategy lies…

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