California Insurance Commissioner Ricardo Lara is proposing the Sustainable Insurance Strategy, the biggest change to the state’s insurance market in 35 years. The plan aims to speed up the rate approval process and improve disaster prediction methods. One key goal is to transition people away from the California FAIR Plan to regular insurance with better coverage and lower costs. Consumer Watchdog has raised concerns about the plan, saying there are ways for companies to provide less service while charging higher prices due to certain loopholes in the plan. Lara says the Sustainable Insurance Strategy will be in place by the end of 2024.
California Insurance Commissioner Proposes Huge Change to State’s Insurance Market
