By Michael Hiltzik, LOS ANGELES TIMES
June 19, 2020
It’s fair to say that most Americans see the coronavirus pandemic as an enormous and fearsome burden.
Not the insurance industry. In California, the industry is using the crisis to bring about a sneaky change in insurance rules that could lead to massive increases in homeowner premiums.
Los Angeles, CA — While the rest of the state is sheltering at home, lobbyists for the insurance industry are busy promoting legislation, scheduled for a hearing tomorrow, that would allow them to boost insurance rates on homeowners and renters.
Los Angeles, CA– In a letter sent today, Consumer Watchdog called on Insurance Commissioner Ricardo Lara to use the full authority of his office to preserve Californians’ access to home insurance.
Sacramento, CA – A wildfire insurance bill sponsored by Insurance Commissioner Ricardo Lara stalled in the state Assembly today in the face of objections raised by the Department of Finance and Consumer Watchdog that the bill would expose taxpayers to unnecessary financial risks.
Los Angeles, CA -- Consumer Watchdog said legislation sponsored by Insurance Commissioner Ricardo Lara and scheduled for a vote Wednesday would needlessly expose California taxpayers to the same kind of complex and risky financial instruments that led to the 2008 financial crisis.
The bill would allow the state to purchase insurance and other financial products with none of the usual state oversight, including insurance regulation by Commissioner Lara’s own Department of Insurance and procurement rules at the Department of General Services.