Calif. Insurance Commissioner-Elect John Garamendi will take the Oath of office today in a ceremony at the Assembly Chambers California Capitol Building at 9:30 a.m.
For the first time in history, outgoing Commissioner Harry Low will swear Commissioner-Elect Garamendi into office to serve as California’s third elected insurance commissioner.
Originally elected in 1990, Garamendi served as California’s first elected insurance commissioner and implemented numerous significant consumer protections including Proposition 103.
Garamendi returns to lead the California Department of Insurance as the industry faces a growing number of issues including rising prices, coverage limits and exclusions, limited availability of some lines of insurance, and concerns over privacy protection.
“We are facing an insurance system that is overwhelmed with problems. Nearly every sector is in trouble,” Garamendi said. “At the top of this list are four critical issues that must be addressed now: workers’ compensation, health insurance, homeowners and privacy. I will do everything in my power to fulfill the expectations of all Californians by seeking effective solutions and rebuilding the California Department of Insurance into the best consumer protection agency in the nation.”
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