With Governor Gavin Newsom’s declaration of a state of emergency over the property insurance availability crisis, and Insurance Commissioner Ricardo Lara’s announcement of a new “Sustainable Insurance Strategy,” IIABCal is preparing to redouble its efforts to ensure the Department of Insurance restores competitive health to California property insurance markets.
Earlier this year, our Legal Defense Fund retained national experts who proposed solutions to address the property insurance crisis—and we are pleased to report that all of the major elements of our plan were not only repeatedly endorsed in California legislative hearings, but also incorporated into what Commissioner Lara has now announced he will pursue. Now, the next—even more essential—phase of our advocacy begins.
The Commissioner’s plan, while long on aspirations, was short on specifics. The Department of Insurance will be required to develop, adopt, and then implement a series of detailed amendments to its existing prior approval regulations—and IIABCal intends to be an active, relentless advocate in all the regulatory proceedings we expect to unfold in the remainder of 2023 and 2024.
IIABCal will not rest until the property insurance marketplace is restored to competitive health. But we need your financial support to continue waging this battle. We are your champion!