Consumer group raises concern over new process.
California Insurance Commissioner Lara on August 8 issued a Bulletin implementing rate review reforms aimed at stabilizing the state’s insurance marketplace. This accomplishes reforms that were included in budget trailer language that Governor Newsom introduced in May, and which were first proposed by Commissioner Lara last year as part of his Sustainable Insurance Strategy.
Commissioner Lara issued the Bulletin under his existing Proposition 103 authority to help the Department conduct a rigorous and transparent review of rate change applications within the current 60-day timeline prescribed under Prop. 103 more than 30 years ago.
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