CA commissioner Lara proposes regulatory reforms

Commissioner Ricardo Lara has introduced the first set of proposed regulatory reforms under his Sustainable Insurance Strategy to enhance the transparency and efficiency of California’s insurance market.

These reforms, aimed at the auto, home, business, and other property and casualty insurance sectors, seek to modernize rate application submission requirements. By clarifying what insurers need to provide, the initiative intends to streamline the rate approval process, reduce delays, and increase public participation.

The California Office of Administrative Law has published the rulemaking, inviting public comments before a hearing on March 26.

These changes are designed to ensure insurers submit complete and clear information, facilitating a fairer rate-setting process and preventing policyholders from overpaying.

“We want to promote efficiency, accountability, and fairness in the property and casualty insurance market. We look forward to continued public input to help modernize our policies and practices so we can continue to safeguard the integrity of the insurance market.” – Commissioner Lara.