CA | Insurance Commissioner Ricardo Lara released the following statement in support of new budget “trailer bill” language introduced today by Governor Gavin Newsom. The language implements needed reforms modernizing the Department of Insurance’s rate application, review, and approval process that are part of Commissioner Lara’s Sustainable Insurance Strategy to address the state’s insurance crisis. Under this proposal, the Department of Insurance will create a data reconciliation tool that will help achieve a thorough rate review within the current 60-day timeline prescribed under Prop. 103:
“I appreciate Governor Newsom’s strong backing of my Strategy and his continued commitment to make sure we have the support and resources we need to implement effective, lasting reform.”