Opinion: Insurance czar needs to step up his efforts
After California endured a long and record-setting drought, Mother Nature bailed us out with a season of unusually heavy rains. It’s a good thing, too, given that our policy makers — mainly the governor and Legislature — seemed like deer in the headlights in the face of the water crisis. Now the state is facing another crisis, but it’s one that won’t fix itself without sensible political intervention.
For other signs of trouble, the California FAIR Plan — a state-created, insurance-industry funded insurer of last resort — has roughly three times the number of insureds than it’s designed to handle. Auto insurance carriers are pulling out of the market as insurance losses have grown by 25% in recent even though premiums increased only 4.5%.
Insurers and the Department of Insurance blamed a variety of factors for the latest pullouts but the problem is tied to the initiative. It gave the insurance commissioner the power to approve or roll back rates. Insurers needed “prior approval” before increasing prices. Because they have political ambitions, few commissioners want to approve major rate increases.
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