The California Assembly Insurance Committee met in a hearing Feb. 5, when Insurance Commissioner John Garamendi discussed his plans to address homeowners insurance issues. The Association of California Insurance Companies’ (ACIC) president Sam Sorich released the following statement on Garamendi’s Feb. 5 testimony:
“ACIC commends Commissioner John Garamendi on his testimony before the Assembly Insurance Committee. The commissioner’s call for in-depth study of homeowners insurance issues rather than taking precipitous action is the correct, responsible approach. ACIC members are eager to work with the commissioner and his staff to reach fair, balanced solutions to homeowners insurance issues.
However, we must express disappointment regarding the commissioner’s remarks on credit-based insurance scores. In contrast to the deliberate process to study issues such as the Claims Loss Underwriting Exchange (CLUE) database, mold and underwriting guidelines, Commissioner Garamendi advocated the prohibition against the use of credit scores by insurers.
We hope the commissioner will reconsider his position and apply the same deliberate approach to credit scores that is being applied to other issues. ACIC believes that the ability to consider credit information is helping insurers to keep homeowners insurance available to California consumers.”
Topics California Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Hurricane Beryl Triggers Record Payout for Caribbean Insurer 
AT&T Says Data From Around 109M Customer Accounts Illegally Downloaded 
Beryl’s Remnants Spawned 4 Indiana Tornadoes, Including an EF-3: NWS 
Biden Administration Raises FEMA Bar for Flood Resilience 
