{"id":21828,"date":"2024-05-10T22:12:29","date_gmt":"2024-05-10T22:12:29","guid":{"rendered":"https:\/\/www.insurancejournal.com\/?p=773839"},"modified":"2024-05-10T22:12:29","modified_gmt":"2024-05-10T22:12:29","slug":"insurers-like-california-governors-statement-about-expedited-rate-filings","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/05\/10\/insurers-like-california-governors-statement-about-expedited-rate-filings\/","title":{"rendered":"Insurers Like California Governor\u2019s Statement About Expedited Rate Filings"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.insurancejournal.com\/img\/social\/opengraph\/ij-social-default-1200x630.png\" class=\"ff-og-image-inserted\"><\/div>\n<ul class=\"nav nav-tabs tabs tabs-entry\">\n<li class=\"active\"><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/05\/10\/773839.htm\">Article<\/a><\/li>\n<li><a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/05\/10\/773839.htm?comments\" rel=\"nofollow\">0 Comments<\/a><\/li>\n<\/ul>\n<div class=\"article-content clearfix\">\n<p>Insurers are applauding a move by California Gov. Gavin Newsom to try and expedite the insurance rate filing process.<\/p>\n<p>Newsom made the proposal while discussing the state\u2019s budget. It was mentioned in a press conference to talk about the budget, according to people at the conference.<\/p>\n<div class=\"bzn bzn-sized bzn-intext\">\n<ins data-revive-zoneid=\"79\" data-revive-topics=\"carriers\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>At the conference he mentioned he was working on a bill to expedite the process.<\/p>\n<p>Home insurance rates are on the rise, and availability has also become a concern, as many insurers are pulling back from the wildfire prone state. Proposed solutions to the crisis have included finding ways to expedite rate filings, enabling insurers to use reinsurance rates in filings, as well as enabling them to <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/06\/08\/724560.htm\">use catastrophe modeling<\/a> to set rates.<\/p>\n<p>Many of these proposals indicate a growing interest in <a href=\"https:\/\/www.carriermanagement.com\/features\/2023\/08\/24\/251420.htm\">making a change to Proposition 103<\/a>, the 1988 voter-approved law that requires prior approval from the California Department of Insurance before implementing property\/casualty insurance rates.<\/p>\n<p>The calls to make changes to Prop. 103 have grown louder as insurers pull back from writing homeowners insurance in the state.<\/p>\n<p>Last May, State Farm announced it had <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/05\/27\/722486.htm\">stopped accepting new policy applications for property\/casualty insurance<\/a> in California due to increased risks from wildfires and inflation. Last month, State Farm said it would <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/03\/20\/765883.htm\">non-renew 30,000<\/a> California homeowners, rental dwelling, and other property insurance policies.<\/p>\n<p>The <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2024\/01\/24\/757094.htm\">Hartford announced in January<\/a> it would discontinue writing new homeowners policies in California. Liberty Mutual in July 2023 stopped <a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/07\/27\/732429.htm\">offering its business owner\u2019s policy<\/a> product in the wildfire-prone state and that same month Farmers began limiting<a href=\"https:\/\/www.insurancejournal.com\/news\/west\/2023\/07\/07\/729194.htm\"> new homeowners insurance policies<\/a> in California.<\/p>\n<div class=\"bzn bzn-sized bzn-intext-2\">\n<ins data-revive-zoneid=\"162\" data-revive-topics=\"carriers\" data-revive-companies data-revive-block=\"1\" data-revive-id=\"36eb7c2bd3daa932a43cc2a8ffbed3a9\"><\/ins> <\/div>\n<p>The American Property Casualty Insurance Association, which has been calling for changes to Prop. 103 for years, applauded Newsom\u2019s comments.<\/p>\n<p>\u201cWe appreciate the Governor highlighting this critical issue,\u201d stated Denni Ritter, APCIA department vice president for state government relations. \u201cExpediting the rate review process is a vital component to addressing California\u2019s insurance crisis. We look forward to working with the Administration, Legislature and Department of Insurance on this crucial reform and other reforms necessary to fix our broken regulatory system and increase the availability of insurance for California homeowners, drivers, and businesses.\u201d<\/p>\n<p class=\"tagtag\"> <span class=\"tagtag\">Topics<\/span> <a href=\"https:\/\/www.insurancejournal.com\/location\/california\/\" class=\"btn btn-sm btn-primary tagtag\">California<\/a> <a href=\"https:\/\/www.insurancejournal.com\/carriers\/\" class=\"btn btn-sm btn-primary tagtag\">Carriers<\/a> <\/p>\n<\/p><\/div>\n<div class=\"article-poll\" data-post=\"773839\">\n<div class=\"article-poll-vote\">\n<p>Was this article valuable?<\/p>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-no\">\n<form class=\"feedback-form\">\n<p>Thank you! Please tell us what we can do to improve this article.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-feedback voted-yes\">\n<form class=\"feedback-form\">\n<p>Thank you! <span class=\"percent\"><\/span>% of people found this article valuable. Please tell us what you liked about it.<\/p>\n<p> <textarea placeholder=\"Enter your feedback...\"><\/textarea> <button type=\"submit\" class=\"submit\" disabled>Submit<\/button> <button class=\"cancel\">No Thanks<\/button> <\/form>\n<\/p><\/div>\n<div class=\"article-poll-more-articles\">\n<p class=\"thank-you-text\">Here are more articles you may enjoy.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"subscribe-banner subscribe-banner-in-content-2\">\n<div class=\"content\">\n<h4>Interested in <em>Carriers<\/em>?<\/h4>\n<p>Get automatic alerts for this topic.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Article 0 Comments Insurers are applauding a move by California Gov. Gavin Newsom to try and expedite the insurance rate filing process. Newsom made the proposal while discussing the state\u2019s budget. It was mentioned&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21829,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[781,1,782,783,784,9],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/05\/insurers-like-california-governors-statement-about-expedited-rate-filings.png","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21828"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21828"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21829"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}