Advancing his “Sustainable Insurance Strategy” announced last September, Commissioner Lara recently announced “the first of several regulatory rule change packages aimed at streamlining the Department’s rate approval process.” Mostly updating the application process and forms, these changes are probably low-hanging fruit in the overall scheme of what Lara hopes to achieve. But this is part of a larger package of regulations being rolled out designed to attract and retain insurers who have been leaving the California property insurance market. While this is just the first step, it is moving forward comparatively quickly, indicating that this is a top priority for the DOI. (For further information, read my prior blog post here.)
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Insurance Commissioner Lara moves forward with the first steps in his plan to re-haul insurance rates
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The proposed amendments aim to address critical issues surrounding insurance companies’ rate application submissions under Proposition 103. The existing regulations, created in an age of pagers and payphones, lack clarity and fail to specify the exact materials and information required in a complete rate filing application given the change in times and increased complexity of filings. This ambiguity can lead to confusion among insurance companies and delays in the review process, ultimately impacting consumers’ access to fair and appropriate insurance rates and insurers’ level of certainty on their filings and the review process.
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