Comment by areoform

1 day ago

> Gov. Gavin Newsom just released part of his solution to California’s home insurance crisis, and it boils down to a push to allow carriers to move faster to raise rates.

> In most cases, the Department of Insurance would be required to act on an insurance carrier’s rate request within 60 days, unless extensions are necessary.

> The proposed bill expedites the timelines laid out in Proposition 103, which requires insurance companies to have changes approved by the Department of Insurance and dictates how quickly the department must act on change requests.

> Critics fear that shortening approval timelines will allow insurance companies to jack-up premiums without room for public appeals and sufficient review by the Department of Insurance.