The California Department of Insurance published a press release announcing that the Comprehensiveness Review Regulation has been approved by the Office of Administrative Law.
The regulation allows the Insurance Department to publicly release predicted rate savings achieved by its rate regulation staff. The staff's review of rate filings has saved consumers $6.6 billion since 2019. Consumers will be able to see the staff's analysis for the first time upon the signing of the regulation, including the dollar amounts saved and the issues flagged.
The review is voluntary for insurers, who may elect to go directly to a formal rate filing, where the current review process would still apply.
The press release can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.