Calif. Insurance Regulator Highlights His Achievements

California Insurance Commissioner Steve Poizner has issued a report card highlighting the progress of the Department of Insurance during the past four years, including his successful efforts to maintain solvency and stability in the insurance market amidst the biggest financial crisis since the Great Depression.

“It has been hard work and an immense pleasure to fight for consumers throughout the last four years,” said Commissioner Poizner. “I worked to transform CDI into the most efficient, effective and best-run consumer protection agency in the country, and I am proud to call the Golden State the gold standard for consumer protection.”

In creating the report, Commissioner Poizner had two primary goals. First, to be accountable to the public for his time in office by providing details of his and CDI’s priorities, the challenges encountered and achievements during his term. Second, Poizner aimed to provide a reference guide for future insurance commissioners to examine the way issues were confronted during his term.

The report outlines many of the accomplishments achieved under Poizner’s leadership, including:

• A permanent 13 percent reduction in the operating budget of the department totaling $17 million in savings and efficiencies;
• Reduced fees for agents, brokers and insurers, with a total of $20 million sent back into the marketplace;
• Created a near-paperless workplace by infusing technology into this state agency;
• Oversaw nearly 2,800 insurance fraud-related arrests in the first three years;
• Conducted terror finance probe by an insurance commissioner, resulting in hundreds of millions of dollars diverted from Iran;
• Established nation’s first PPO health insurance report card;
• Paved the way for California drivers to purchase pay-as-you-drive auto insurance;
• Established first-of-its-kind title sales licensing system to eliminate illegal kickbacks to realtors;
• Developed first-in-the-nation rescission regulations to stop health insurers from canceling health insurance after claims have been made;
• Initiated largest-ever enforcement action in the United States against the largest health insurer in the country for hundreds of thousands of alleged claims handling violations.

The “Visionary Leadership: Innovative Results Report” is available on the Department’s Web site at www.insurance.ca.gov.

Topics California