Commissioner Lara on Next Steps for Sustainability of California Insurance Market
News: 2023 Press Release
Sacramento, Calif. — Insurance Commissioner Ricardo Lara today issued the following statement regarding the next steps to build the resiliency and sustainability of California’s insurance market comprised of consumers, homeowners and businesses:
“As Insurance Commissioner, I have used every resource at my disposal to protect consumers. We have gone to every corner of the state, listening to thousands of consumers in hundreds of town hall meetings and living rooms. And we have been leading – from the first-in-the-nation discounts for homeowners and business owners that harden their properties from wildfires, to protecting consumers and businesses by modernizing the FAIR Plan, to supporting landmark investments in wildfire mitigation by the Governor and Legislature.
“There is no doubt that because of climate change, our planet, country, and state are at an insurance crossroads. Our current path is unsustainable. In California, our ongoing partnership with the Governor and Legislature to improve conditions for the consumers, homeowners, and businesses that make up our insurance marketplace is critical to crafting lasting solutions.
“I have always been clear, legislation is one of many options that we have been pursuing. We also are moving forward with a package of regulatory solutions that will streamline the Department’s rate review process, opening it equitably to public input — not just the entrenched interests that have benefited materially from the status quo.”
“We will continue moving forward. Together, we can create a sustainable and resilient insurance market to protect Californians, our communities and our environment.”
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Led by Insurance Commissioner Ricardo Lara, the California Department of Insurance is the consumer protection agency for the nation's largest insurance marketplace and safeguards all of the state’s consumers by fairly regulating the insurance industry. Under the Commissioner’s direction, the Department uses its authority to protect Californians from insurance rates that are excessive, inadequate, or unfairly discriminatory, oversee insurer solvency to pay claims, set standards for agents and broker licensing, perform market conduct reviews of insurance companies, resolve consumer complaints, and investigate and prosecute insurance fraud. Consumers are urged to call 1-800-927-4357 with any questions or contact us at www.insurance.ca.gov via webform or online chat. Non-media inquiries should be directed to the Consumer Hotline at 800-927-4357. Teletypewriter (TTY), please dial 800-482-4833.