California looks to pass on insurer tax savings to consumers
News: 2018 Press Release
Today Consumer Federation of America issued a letter to Commissioner Jones and other insurance regulators on this very issue asking them to require insurers to file lower rates to reflect the federal tax legislation passed by Congress. In a letter to Insurance Commissioners across the country, Consumer Federation shared examples of the impact of the reduced tax rates on insurers profitability and asked the Commissioners to ensure these significant savings be passed on to insurance consumers.
"Insurers will now realize significant savings from these recent tax reductions," said Commissioner Jones. "Policyholders should also benefit from the reduced taxes paid by insurance companies."
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.