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State Farm Insurance, the largest insurance company in California, is asking regulators for the OK to raise property insurance rates by 22 percent just weeks after fires ripped through Los Angeles ...
Last June, the company made three requests for extraordinary “relief” from the standard rate-setting process in California, using a legal process known as a "variance," often used by insurance ...
Capital is necessary so an insurance company can pay for any future claims for the risks it insures," State Farm General said in an open letter to the California Department of Insurance.
Zip codes covered by the moratorium for the Palisades Fire include 90049, 90265, 90272, 90290, 90402, 91301, 91302, 91320, 91356, 91361, 91364 and 91436.
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 cost of auto claims has soared across the United States since the start of the COVID-19 pandemic, according to the Insurance Information Institute. But the pandemic isn't solely to blame.
Under the new regulations, companies must make their services available in high-risk areas to do business in the state, the first such requirement in California history. Insurers must…