Insurance Commissioner Ricardo Lara unveils a plan to shore up the California insurance market for homeowners.
A week after negotiations to rescue California’s floundering home insurance market, the state’s top insurance regulator put out his own rescue plan that effectively amounts to a trade for the state’s major insurers.
For years, insurance companies have complained that current rates and the existing regulatory process don’t allow them to recoup the cost of doing business in the state’s most at-risk regions. By easing some of those restrictions, while requiring the companies to expand their coverage, “it’s the department calling the bluff of insurers,” said Rex Frazier, president of Personal Insurance Federation of California, a trade group.
Become a CalMatters member today to stay informed, bolster our nonpartisan news and expand knowledge across California.In the final weeks of the legislative session that ended a week ago, lawmakers scrambled to bridge the demands of insurers — who called for higher premiums to cover more of their costs and for a more flexible rate-setting process — and those of consumer groups, who resisted calls to add to the financial burdens of homeowners. After negotiations floundered,In a statement, Sen.
Lara proposed giving companies both of those tools, though companies will apparently only be allowed to itemize the cost of reinsurance as it pertains to California. It’s unclear how this calculation will be made.
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