California Insurance Commissioner Ricardo Lara did not approve an emergency, interim 22% rate request from State Farm, instead calling a meeting with the carrier to get some answers about the carrier’s financial situation and more. State Farm General earlier this month asked the California Department of Insurance to immediately approve interim rate increases, including 22% … Read more
California Insurance Commissioner Ricardo Lara approved a California FAIR Plan request for a $1 billion assessment on admitted market insurers to cover claims from the Los Angeles wildfires. The FAIR Plan reported it has paid more than $914 million to policyholders, including advance payments, to cover claims related to the Palisades and Eaton fires. As … Read more
The new European Commission includes a dedicated Commissioner for the Mediterranean. Emanuele Errichiello examines what this change could mean for relations between the EU and states in the Mediterranean region. On 1 December, the newly approved European Commission officially took office. A significant – and rather underappreciated – innovation in the new Commission is the … Read more
California Insurance Commissioner Ricardo Lara on Monday announced what he is calling the final step in his efforts to help the state’s ailing homeowners insurance market with the Net Cost of Reinsurance in Ratemaking Regulation, which enables reinsurance as a ratemaking factor and requires insurers to increase coverage in high-risk areas. The step, which the … Read more
California Insurance Commissioner Ricardo Lara on Friday announced what he’s calling “first of its kind” catastrophe modeling and ratemaking regulation that will allow carriers to use the models as a factor in setting and getting rates. The regulation is a part of his so-called Sustainable Insurance Strategy to increase coverage in wildfire-distressed areas of the … Read more
