California Insurance Commissioner Ricardo Lara News

California Commissioner Holding Hearing on Homeowners Rates in Wake of Wildfires

California Insurance Commissioner Ricardo Lara said today that he will convene an investigatory hearing in October in advance of initiating a series of regulatory actions that will protect residents from the increasing risk of wildfires. His announcement comes as devastating …

California Wants Insurers to Reimburse Costs for Those Displaced by Wildfires

California Insurance Commissioner Ricardo Lara issued a notice to all California property/casualty insurance companies urging them to cover additional living expenses for policyholders who remain under mandatory evacuation or whose homes are otherwise inaccessible or uninhabitable due to the wildfires. …

California Department of Insurance Fraud Suit Results in $24M in Payments from AbbVie

California Insurance Commissioner Ricardo Lara this week announced a settlement agreement with AbbVie Inc. to resolve a lawsuit alleging violations of the California Insurance Frauds Prevention Act involving the marketing of blockbuster prescription drug HUMIRA. AbbVie agreed to reform its …

California Commissioner Launches Database of Green Insurance Products

California Insurance Commissioner Ricardo Lara on Tuesday formally launched the Climate Smart Insurance Products Database, what is being touted as “the first-ever consumer-oriented list of green insurance policies.” The California Department of Insurance has developed the database to help the …

California Commissioner Launches Diversity Initiative, Names COIN Board Members

California Insurance Commissioner Ricardo Lara on Wednesday announced the launched an “Invest in Our Diverse Communities” initiative to identify diverse woman-, veteran-, LGBTQ, Latinx, Asian Pacific Islander, Black, and Native American-owned investment managers who can guide investments made by insurers …

California Appoints Curriculum and Insurance Guarantee Board Members

California Insurance Commissioner Ricardo Lara announced the newest members of the California Department of Insurance’s Curriculum Board and the California Insurance Guarantee Association’s Board of Governors. The Curriculum Board oversees the development of pre-licensing and continuing education curriculum for agents …

California Orders Workers’ Comp Carriers to Return Premiums Due to Stay-At-Home Orders

California Insurance Commissioner Ricardo Lara today issued an order adopting emergency workers’ compensation regulations in response to the COVID-19 pandemic. The new regulations go into effect on July 1. The regulations require insurance companies to recompute premium charges for policyholders …

Report Calls for Regulators to Tackle ‘Systemic Risk’ from Climate Change

Climate change is a systemic risk with wide-ranging potential physical impacts, according to a new report that also serves as a call-to-action for U.S financial regulators to do more to deal with a changing climate. An eventual transition to a …

California Expands Order for Insurers to Partially Refund Premiums

California Insurance Commissioner Ricardo Lara today issued a bulletin extending his previous order requiring insurance companies to return partial insurance premiums to consumers and businesses amid the ongoing COVID-19 pandemic. The California Department of Insurance will review all premium adjustments …

California Commissioner Names Members to Insurance Diversity Task Force

California Insurance Commissioner Ricardo Lara on Wednesday announced the newest members of the Insurance Diversity Task Force, which makes recommendations to the commissioner on ways to increase diversity within the industry. Lara’s newest appointments include the first Hmong-American member, and …