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California governor urges 'prompt' insurance reforms in executive order

The order tasks the insurance commissioner with improving the rate approval process, a long-time sticking point with carriers in the state.

“We are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change. I am taking immediate action to implement lasting changes that will make Californians safer through a stronger, sustainable insurance market,” Commissioner Lara said in a release. “The current system is not working for all Californians, and we must change course. I will continue to partner with all those who want to work toward real solutions.” Credit: Mario Cobian/Adobe Stock “We are at a major crossroads on insurance after multiple years of wildfires and storms intensified by the threat of climate change. I am taking immediate action to implement lasting changes that will make Californians safer through a stronger, sustainable insurance market,” California Insurance Commissioner Ricardo Lara said in a release. “The current system is not working for all Californians, and we must change course.” Credit: Mario Cobian/Adobe Stock

California Governor Gavin Newsom signed an executive order requesting that the state’s insurance regulator take “prompt regulatory action” to correct the state’s faltering property insurance market and to consider if emergency regulatory actions are needed.

The executive order, which was signed on Sept. 21, 2023, tasks the California Department of Insurance (CDI) with stabilizing the market by:

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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