LOS ANGELES, CA | Insurance Commissioner Ricardo Lara today announced the newest members of multiple advisory boards and committees to protect California policyholders. Commissioner Lara announced appointments to the California Automobile Assigned Risk Plan (CAARP) Advisory Committee, the California Insurance Guarantee Association (CIGA) Board of Governors, and the Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee.
“I am very pleased to announce these appointments to the CAARP Advisory Committee, the CIGA Board of Governors, and the WCIRB Governing Committee,” said Insurance Commissioner Ricardo Lara. “These committees and boards’ primary goal is to protect California consumers and these members will help us meet that goal.”
The California State Legislature created the California Automobile Assigned Risk Plan to provide auto insurance for motorists unable to obtain coverage in the private market due to their driving records or other extraordinary circumstances. One program within the plan — the California Low-Cost Auto Program — aims to provide affordable liability insurance to income-eligible good drivers by assigning drivers to private insurers based upon the companies’ share of the auto insurance market. The CAARP Advisory Committee provides policy advice to Commissioner Lara on matters affecting the operation of its programs.
The CIGA Board of Governors oversees the guarantee association’s general operations and management in order to protect policyholders in the event an insurance company becomes insolvent. Established in 1969 by the Governor and California State Legislature, CIGA comprises all insurance companies licensed to sell homeowners, workers’ compensation, automobile, and other specified lines of insurance in California.
The WCIRB Governing Committee sets policy, oversees management of the affairs of the WCIRB, and oversees all issues involving pure premium rates, classifications, rating plans, rating systems, manual rules and policy, and endorsement forms. The WCIRB is a private organization licensed by the Department of Insurance for the purpose of collecting, analyzing, and compiling rating data, with funding coming from assessments of its insurer members. All workers’ compensation insurance companies in California are required by law to be members of the WCIRB.
The next CAARP Advisory Committee meeting is scheduled to be held on Wednesday, May 20, 2020. The next CIGA Board of Governors meeting is scheduled to be held on Wednesday, May 6, 2020 and the next WCIRB Governing Committee meeting is scheduled to be held on Wednesday, June 10, 2020. More details are available at: www.insurance.ca.gov/boards or you may send an email to: CDIBoards@insurance.ca.gov.