Consumer advocates say California lawmakers and the state’s insurance commissioner are secretly working on a deal to facilitate more homeowner’s insurance coverage in the Golden State that has been hard hit by devastating wildfires. Consumer Watchdog Harvey Rosenfield says this would constitute the biggest insurance industry bailout in modern history, rushed through without the public’s deliberation. The deal could come at the cost of caving to insurance companies’ demands to loosen regulations allowing them to charge higher rates. Insurance Commissioner Ricardo Lara’s office would not comment on any potential legislative deal in the works.
Possible Deal in the Works Between California and Home Insurance Companies?
