Newsom Seeks to Speed Up Rate Reviews to Fix California’s Battered Homeowners Insurance Marketplace ...Middle East

News by : (Times of San Diego) -
Burned vehicles are seen after the passing of the Dixie Fire near the town of Canyondam in August 2021. REUTERS/Fred Greaves Gov. Gavin Newsom has proposed legislation to speed up insurance premium rate reviews as he and the Insurance Department try to fix the state’s battered insurance market.  Last fall, Newsom issued an executive order tasking Insurance Commissioner Ricardo Lara with fixing home and fire insurance availability and affordability as insurers — citing rising wildfire risk and pandemic-induced inflation, and complaining about having to wait too long to get their requests for rate increases approved by the state — were canceling homeowner policies and halting the writin

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