Search
 
Analysis

California insurance regulation reforms applauded as move in right direction

The proposed reforms show a sea change from where the California Department of Insurance was six months ago.

“Once the carriers see the changes that are going to be happening, they will start coming back into the state,” says Mark Robinson, co-founder of law firm Michelman & Robinson and leader of the firm’s regulatory practice group. “It's obviously a huge market, but they need to have the rates in order for them to not lose money. So they need to be able to rate the fire areas appropriately.” Credit: jdoms/Adobe Stock “Once the carriers see the changes that are going to be happening, they will start coming back into the state,” says Mark Robinson, co-founder of law firm Michelman & Robinson and leader of the firm’s regulatory practice group. “It’s obviously a huge market, but they need to have the rates in order for them to not lose money. So they need to be able to rate the fire areas appropriately.” Credit: jdoms/Adobe Stock

While California’s property insurance reform proposals are yet to be ironed out, the industry is striking an overall optimistic note on the suite of changes being offered up by the state’s insurance regulator, industry sources tell PropertyCasualty360.com.

“My initial reaction was very positive that the department of insurance is taking steps to fix the property insurance issues in California and revising some of the regulations to allow insurance companies to get rate increases that they need in order to stay in the state and continue writing,” says Mark Robinson, co-founder of law firm Michelman & Robinson and leader of the firm’s regulatory practice group.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

Steve Hallo

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

More from this author

 

Recommended Stories

What is a managing general agent?

What is a managing general agent?

Jonathan Goeringer, Stephanie Pierce and JillAllison Opell |

MGAs can offer insurers a cost-effective entry into new or niche markets without having to make the typical expenditures associated with expansion.

Lawmakers eye more money for ‘Safe Florida Home’ program

Lawmakers eye more money for ‘Safe Florida Home’ program

Jim Turner |

The My Safe Florida Home program includes matching grants up to $10,000 to help pay for such things as reinforcing roof-to-wall connections, upgrading roof coverings and upgrading doors and windows, according to the program’s website.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2023 ALM Global, LLC. All Rights Reserved.