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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