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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.
To understand why the insurance industry is spiraling in California, consider Proposition 103. Passed by voters in 1988, the law was meant to protect consumers by preventing insurers from ...
The California Department of Insurance is following GEICO’s actions, said California Deputy Insurance Commissioner Michael Soller. “We are monitoring to make sure consumers are protected ...
The FAIR plan covers a relatively small 4 percent slice of California's insurance market. Nevertheless, that's an increase from its 1.5 percent share before 2019.
The California Department of Insurance (CDI), established in 1868, is the agency charged with overseeing insurance regulations, enforcing statutes mandating consumer protections, educating consumers, and fostering the stability of insurance markets in California.
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)
"State Farm to pull out of 72,000 California insurance policies," blared a Reinsurance News headline. State Farm provides nearly 21 percent of state homeowner policies, so this is big news.
Proposition 103 also made the California Insurance Commissioner an elected official, subjected insurers to California's antitrust laws, civil rights laws and unfair business competition law. It also included a provision for "intervenor fees," which has resulted in payments to Rosenfield and his organizations of more than $6 million. [citation ...