Los Angeles, CA – California Insurance Commissioner Ricardo Lara, who has approved $292 million in auto and homeowners’ insurance rate increases since being elected, has received a “D” average from the nonprofit group Consumer Watchdog on his first four-month report card.
Los Angeles, CA — As a UN panel finds the world is losing the war with global warming and urgent action is needed, US insurance companies have reported holding more than $50.9 billion in fossil fuel investments that exacerbate climate change, according to reporting to national insurance regulators.
Consumer Watchdog’s review of public filings reveals nine of the 10 largest American insurance companies have considered the impact of climate change on their investments, but only two, AIG and Farmers, say that they have altered their investment strategy in response.
Los Angeles, CA – Insurance Commissioner Ricardo Lara’s office will delay disclosure of the Commissioner’s calendar or records of his meetings with insurance companies to August 31st, according to a communication sent to Consumer Watchdog.
Commissioner Lara said that he would disclose his calendars in response to revelations that he took $54,300 in campaign contributions from insurance executives and their spouses, took actions that benefited the insurance company connected to three of those donors, and met with the company’s CEO.
Watch the video of California Insurance Commissioner Ricardo Lara addressing insurance industry lawyers in Hollywood on July 25, 2019. The video was posted by Politico to accompany their July 29, 2019 story:
POLITICO: Lara tells insurers he's 'receptive' to their ideas, including vehicle data use.
Los Angeles, CA – Reporting published in the San Diego Union Tribune Saturday reveals that California Insurance Commissioner Ricardo Lara intervened on the side of a workers’ compensation insurer on at least four separate occasions after receiving contributions from insurance executives and their wives with connections to the company.
Los Angeles, CA -- Consumer Watchdog said Insurance Commissioner Ricardo Lara’s decision to return over $54,000 in contributions from donors tied to a company seeking the Commissioner’s approval for an acquisition was an “important first step that protects the credibility of the elected position you hold.” The non-profit advocacy organization urged the Commissioner to return the money in a letter yesterday.
Los Angeles, CA -- Farmers Insurance systematically overcharged its most loyal, longtime California customers from 2008 to 2018, according to evidence uncovered as part of an investigation ordered by the California Insurance Commissioner. Now, with a public hearing scheduled for June and facing millions of dollars in civil damages and penalties, Farmers and its affiliate, Mid-Century Insurance, are urging a Los Angeles Superior Court to stop the agency’s investigation.
Los Angeles, CA --- More than 60 environmental, consumer and social justice organizations petitioned California Insurance Commissioner Ricardo Lara today seeking first in the nation emergency regulations to require insurance companies to disclose the fossil fuel projects they insure, even as climate change-exacerbated catastrophes are costing insurance companies billions.
