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The state of California announced a one-year moratorium on the cancellation or non-renewal of homeowners insurance policies in zip codes affected by the Los Angeles-area wildfires.
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…
The state Department of Insurance issued a new regulation last month meant to turn the tide of some of the largest insurance companies' refusal to take on new customers in California or decisions ...
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 California insurance commissioner has been an elected executive office position in California since 1991. Prior to that time, the insurance commissioner was appointed by the governor. The officeholder is in charge of the California Department of Insurance. The current insurance commissioner is Democrat Ricardo Lara.
State Farm had the largest California market share in 2023 with 19.9%, followed by Farmers Insurance with 14.9%, as well as CSAA Insurance Exchange and Liberty Mutual with 6.5% each.
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