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Citing what it calls a potentially “dire situation,” State Farm on Monday asked California for permission to hike insurance rates by an average of 22%. In the wake of the Los Angeles-area ...
The state insurance commissioner took action Friday to speed up reviews of rate hikes sought by home insurers after efforts to address the issue through fast-track legislation got bogged down amid ...
The proposal turned into insurance reform Proposition 103 and promised voters a minimum 20% rollback in rates for property, auto and other kinds of insurance. The measure required auto insurers to base auto insurance premiums primarily on a policyholder's driving safety record, annual mileage driven and years driving experience.
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.
Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
California is as car crazy as ever, with insurance rates increasing to match. Data analyzed by the insurance comparison website Insurify showed the average annual cost of full coverage in ...
Gov. Gavin Newsom is proposing a bill that would require the state Department of Insurance to review rate-hike requests from home insurers within 60 days as companies pull back from the market due ...