California Insurance Commissioner Ricardo Lara News

California Insurance Commissioner OKs Lower Workers’ Comp Benchmark Rate

California Insurance Commissioner Ricardo Lara today issued a decreased pure premium rate for workers’ compensation insurance, lowering the annual benchmark rate from $1.41 to $1.38 per $100 of payrollβ€” representing a 2.1% percent decrease from last year. The advisory rate …

California Insurance Commissioner Orders Insurance Preserved for 46K Residents Following Fire

California Insurance Commissioner Ricardo Lara today ordered insurers to preserve residential property insurance coverage for roughly 46,000 policyholders affected by the Thompson Fire in Butte County. The move follows an emergency declaration over the fire from Gov. Gavin Newsom on …

California Commissioner’s Analysis Shows $7.7B in Losses From Extreme Heat Events

The cumulative cost of the seven heat events in California in the past decade amounted to $7.7 billion in losses, a new report shows. The analysis from California Insurance Commissioner Ricardo Lara’s office is the result of legislation he sponsored …

California FAIR Plan Clearinghouse Will Include Commercial Policies Starting July 1

The California FAIR Plan Association will expand its clearinghouse to include commercial policies, such as those covering farms and condos, beginning July 1. The move follows the passage of Senate Bill 505 in 2023. California Insurance Commissioner Ricardo Lara in …

California Insurance Commissioner: Allow Cat Modeling in Rates for Wildfires

California Insurance Commissioner Ricardo Lara said he will allow catastrophe modeling to be used in rate regulation for wildfires, a move he says will help restore insurance options for Californians. It was the latest phase of Lara’s Sustainable Insurance Strategy. …

California Commissioner Warns Insurers About Auto Insurance Consumer Complaints

California Insurance Commissioner Ricardo Lara issued an official notice to insurers regarding consumers who have been reporting issues obtaining auto insurance coverage. The California Department of Insurance continues to receive numerous complaints from consumers who have been having issues obtaining …

Members of California Congressional Delegation Call out Insurance Commissioner’s Proposal to Protect Consumers

Representatives John Garamendi, Zoe Lofgren and other members of California’s congressional delegation sent a letter to California Insurance Commissioner Ricardo Lara urging him to use his power under state law to stabilize the insurance market and protect consumers. The letter …

Insurance Commissioner Orders Protections for 15,000 Californians Following Fires

California Insurance Commissioner Ricardo Lara on Thursday ordered insurers to preserve residential insurance coverage for more than 15,000 policyholders affected by fires in Del Norte County and Siskiyou County after Gov. Gavin Newsom issued emergency declarations last month. The commissioner’s …

California Insurance Commissioner Issues Workers’ Comp Pure Premium Rate Filing Decision

California Insurance Commissioner Ricardo Lara issued a decision regarding the workers’ compensation insurance pure premium rate filing that average $1.46 per $100 of payroll, 2.6% below the average of the approved September 1, 2022 advisory pure premium rates. The Workers’ …

California Insurance Commissioner Awards $50M in Grants to Fight Fraud

California Insurance Commissioner Ricardo Lara awarded $50,545,239 in grants to 34 district attorney offices representing 44 counties in the state to combat insurance fraud. The grants, funded through annual employer assessments, support law enforcement efforts in investigating and prosecuting fraud. …