California Gov. Gavin Newsom is also facing pressure to oust Commissioner Ricardo Lara as insurance policyholders struggle with delayed and denied claims months after the Los Angeles fires.
If nothing else, the Los Angeles fires underscored the absolutely vital role of a healthy insurance market — not only in protecting the investments that Californians have in their homes and businesses, but as a key component for buying and selling real estate.
The state's elected insurance commissioner formally unveiled a large chunk of his plan to stem the exodus of insurers from California. Adoption of the plans may result in premium hikes, but maintaining a viable market is vital to the state's economy.
A CalMatters analysis shows that California’s campaign finance watchdog has sometimes taken years to resolve cases, sometimes after politicians have won election or left office.
At a CalMatters event, California’s insurance commissioner says the changes he’s making will help homeowners and business owners. One idea: A state grant for those who spend money to protect their property from wildfires.
Recent wildfires are causing a shrinking home insurance market in California. Insurance Commissioner Ricardo Lara is trying to solve it but faces criticism.
California can't legally require insurers to write either residential or commercial property policies. But the state expects insurers to comply with the options unveiled today because they get something they want in return: catastrophe modeling.