Insurance Department Must Protect Public’s Right to Scrutinize Insurance Rate Increases Consumer Watchdog Says in Letter to Commissioner Lara After Abrupt Approval of GEICO Rate Hike
Los Angeles, CA – The California Department of Insurance has approved a $268 million increase in auto insurance premiums for GEICO customers without following the public participation requirements of Proposition 103. Overall, the 6.9% rate hike will impact 2.1 million GEICO policyholders who face an average $125 annual premium increase. In a letter this morning, Consumer Watchdog – which had formally challenged the rate increase as unjustified – called on Insurance Commissioner Ricardo Lara to meet with the organization to discuss the importance of enforcing rights of consumer participation