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.”
