Commissioner Lara Statement on Sustainable Insurance Strategy Progress
News: 2024 Press Release
LOS ANGELES — Insurance Commissioner Ricardo Lara made the following statement on the continuing progress of his Sustainable Insurance Strategy, which aims to safeguard the integrity of California’s insurance market amid growing climate risks. The Department has invited extensive public comment on a proposed wildfire catastrophe modeling regulation, including a hearing on September 17. Today the Department requested written public comments by October 17 on revisions to the regulation. View the notice and revised text at the Department’s website.
“Since launching this comprehensive strategy last year, we have made significant strides in addressing the insurance challenges facing Californians due to the accelerating impacts of wildfires, floods, and other climate-related disasters.
“This strategy is grounded in transparency and public engagement. We have solicited input from a broad range of Californians — including wildfire experts, residents across the state, consumer groups, and insurers — to craft regulations that address today’s challenges and create a foundation for long-term sustainability.
“I am proud of the progress we’ve made, and we are working diligently to meeting our deadline. As we approach the final phase of implementing these reforms by December 2024, I remain focused on delivering a modern insurance marketplace that protects homeowners and businesses while promoting resilience across California’s communities.”
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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.
