California has made some encouraging progress in stabilizing its teetering property insurance market, but alas the week’s major news about insurance is dispiriting. According to an ABC News investigation, the Department of Insurance finally produced records about Commissioner Ricardo Lara’s incomprehensible travel schedule, which was first reported nine months ago.
Since taking office as the insurance czar in 2019, Lara has taken 48 trips – with at least 13 paid by taxpayers. Per the news outlet, financial reports “show tens of thousands of department funds were spent on five-star resorts that turned into extended trips – including an African safari and an extended stay at a five-star resort in Dubai.” The department hasn’t provided expenses on several trips nor offered a reasonable rationale for the trips.
Obviously, state Attorney General Rob Bonta needs to analyze the appropriateness of the taxpayer expenditures. It’s hard to see the connection of some of these luxury trips to official insurance business or understand the need for pricey security details. Insurance commissioners aren’t rock stars or presidents, for heaven’s sake. But the most discouraging result of this scandal is it diverts attention from crucial insurance matters.
Related Articles
Hope against hope with new Mideast plan Toni Atkins out, Ian Calderon in. Which Democrat can pull ahead of Porter? Juvenile hall workers need to get to work in Los Padrinos Some clarity on impact of justice reforms Yom Kippur is a day of atonement, reflection Everyone knows California insurers have been fleeing the market for a few years after a series of costly wildfires. The state’s system of insurance price controls, instituted by voters in 1988 via Proposition 103, has made it impossible for insurers to set rates to reflect their risk. Lara took far too long in responding to the crisis. Maybe he was too busy traveling the globe. But his Insurance Sustainability Strategy has been working as several insurers recently announced their intention of expanding their California underwriting.And Lara recently targeted the fees that “intervenors” earn as they oppose rate hikes proposed by insurers. This is a brilliant move given trial attorneys gum up the rate-review process and are paid handsomely for it. On the specifics of insurance policy, Lara has in the last couple years been doing the right things. But because of his foolish travel decisions, the main insurance-related news centers on safaris and chauffeurs.
Hence then, the article about editorial lara s lavish travel tarnishes insurance gains was published today ( ) and is available on Los Angeles Daily News ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Editorial: Lara’s lavish travel tarnishes insurance gains )
Also on site :
- Meta-backed Hupo finds growth after pivot to AI sales coaching from mental wellness
- Iran protests latest: Trump to be briefed on military strike options after he orders new sanctions on Tehran
- NBC 5 Responds: How to protect yourself from Social Security fraud