Insurance Commissioner Updates CalChamber Board on Office Actions

By
CalChamber
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Ricardo Lara
California Insurance Commissioner Ricardo Lara speaks to the CalChamber Board of Directors on March 7 to present an overview of his activities since taking office in 2019. Noting that the Los Angeles blazes included the 115th catastrophic wildfire since his election, Lara says dealing with the aftermath of the fires is a priority. The consumers his office protects, he says, include every entity that consumes insurance, with reinsurance and workers’ compensation carriers being part of the mix. Subjects covered in his talk included modernizing how his department deals with gathering data from insurance companies and approving rate changes; the need to revisit Proposition 103 (the 1988 voter-approved initiative that created his position and established the system requiring insurers to receive prior approval of rates); the workers’ compensation fraud insurance program; and his sustainable insurance strategy aimed at creating more certainty in the insurance market to give businesses the confidence they need to invest in California.