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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.
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. [1]
The office of an insurance commissioner is established either by the state constitution or by statute. While most insurance commissioners are appointed, in some jurisdictions they are elected. [1] The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department.
State Farm General, which had about a 20% share of the homeowners insurance market in 2023, insures about 1 million homeowners in the state and has 1.8 million other policies in force.
Open enrollment for Covered California is from Nov. 1 to Jan. 31. That’s the only time you can buy health insurance or change your plan — with some exceptions.
(Reuters) - California Insurance Commissioner Ricardo Lara has requested $1 billion in additional funds from the commission's member insurers to shore up the state-backed FAIR Plan after wildfires ...
In 1982, he left the military to join the family business in Silicon Valley. He was elected as a Republican to the California Assembly in 1986. In 1994 he was elected insurance commissioner, effectively applying considerable campaign contributions from various insurance companies. [2] [3] He won re-election in 1998.
NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization.