California Insurance Regulators Fast-Tracking Rate Hike Reviews Amid Wildfire Losses

The Insurance Department is now expected to accept or reject applications within 60 days, a limit established by a 1988 ballot measure but often exceeded.
California Insurance Regulators Fast-Tracking Rate Hike Reviews Amid Wildfire Losses
A home is engulfed in flames as the Dixie fire rages in Greenville, Calif., on Aug. 5, 2021. Josh Edelson/AFP via Getty Images
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The California Insurance Commission is streamlining rate hike requests from insurers in an effort, it says, to stabilize the market while protecting consumers, according to a memo to insurers released Aug. 9.
“Consumers are hurting, businesses continue to lose coverage, wildfires are ravaging our state—and we do not have the luxury of time,” Ricardo Lara, insurance commissioner, said in a press release Friday. “I am ultimately responsible for fixing this crisis, and I am moving forward to meet my commitment to complete long-needed reforms this year.”
Travis Gillmore
Travis Gillmore
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Travis Gillmore is an avid reader and journalism connoisseur based in Washington, D.C. covering the White House, politics, and breaking news for The Epoch Times. Contact him at [email protected]
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