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Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
The Department of Financial Protection and Innovation has a long history, dating back to the formation of California's first banking department. It became the DFPI in 2020 with the passage of the California Consumer Financial Protection Law (CCFPL). [2] Formation of State Banking Department (1909) and State Corporations Department (1913)
The Insurance Department said California had been the only state that didn't allow the cost to be passed on. In return, insurers doing business in the state must again provide coverage in fire ...
Answers public questions and complaints regarding the insurance industry. Enforces the laws of the California Insurance Code and adopts regulations to implement the laws. The mission is to ensure vibrant markets where insurers keep their promises and the health and economic security of individuals, families, and businesses are protected.
Insurance giants State Farm, AIG, and Allstate have each stopped writing homeowner policies in California because of wildfire danger. According to a report issued Wednesday by JP Morgan, the ...
Rex Frazier, president of the Personal Insurance Federation of California, a trade group of property and casualty insurers, said despite the promise of 60-day rate reviews under Proposition 103 ...
LLC Employee/Worker Bond (if applicable) LLC liability insurance (if applicable) [7] Bonds may be provided by a surety company which is licensed by the California Department of Insurance and can cost a premium of $250-$2,250 depending on calculated risk for the required $15,000 bond. [8]
In September 2023, California Insurance Commissioner Ricardo Lara announced the Sustainable Insurance Strategy — the largest overhaul of the state’s insurance regulations since Prop 103 passed ...