California Insurance Commissioner Ricardo Lara News

California Pledges to Protect Homeowners from Insurer Withdrawals Due to Wildfires

California’s insurance commissioner on Monday pledged to step up efforts to protect the state’s residents from wildfires and address a pullback of private insurers from the state’s riskiest areas. Insurance Commissioner Ricardo Lara convened a “virtual investigatory hearing” on Monday …

Should Upcoming California Commissioner’s Hearing on Wildfires Concern Insurers?

Insurance Commissioner Ricardo Lara will convene a “virtual investigatory hearing” on Monday to initiate a series of regulatory actions that will protect residents from the increasing risk of wildfires. Several years of destructive wildfires have made insurance expensive and difficult …

California Commissioner Makes Appointments to Insurance Boards

California Insurance Commissioner Ricardo Lara has added new members to the California Department of Insurance’s Curriculum Board, the California Life and Health Insurance Guarantee Association’s Board of Directors, and the California Workers’ Compensation Insurance Rating Bureau’s Governing Committee. Rene Swan …

California Commissioner Asks Insurers to Cover Wildfire Losses Sans Home Inventory

California Insurance Commissioner Ricardo Lara is asking insurance companies help wildfire survivors by providing up to 100% of personal property coverage limits without a detailed inventory to those who suffered a total loss of their home, similar to previous identical …

California Commissioner Holding Hearing on Homeowners Rates in Wake of Wildfires

California Insurance Commissioner Ricardo Lara said today that he will convene an investigatory hearing in October in advance of initiating a series of regulatory actions that will protect residents from the increasing risk of wildfires. His announcement comes as devastating …

California Wants Insurers to Reimburse Costs for Those Displaced by Wildfires

California Insurance Commissioner Ricardo Lara issued a notice to all California property/casualty insurance companies urging them to cover additional living expenses for policyholders who remain under mandatory evacuation or whose homes are otherwise inaccessible or uninhabitable due to the wildfires. …

California Department of Insurance Fraud Suit Results in $24M in Payments from AbbVie

California Insurance Commissioner Ricardo Lara this week announced a settlement agreement with AbbVie Inc. to resolve a lawsuit alleging violations of the California Insurance Frauds Prevention Act involving the marketing of blockbuster prescription drug HUMIRA. AbbVie agreed to reform its …

California Commissioner Launches Database of Green Insurance Products

California Insurance Commissioner Ricardo Lara on Tuesday formally launched the Climate Smart Insurance Products Database, what is being touted as “the first-ever consumer-oriented list of green insurance policies.” The California Department of Insurance has developed the database to help the …

California Commissioner Launches Diversity Initiative, Names COIN Board Members

California Insurance Commissioner Ricardo Lara on Wednesday announced the launched an “Invest in Our Diverse Communities” initiative to identify diverse woman-, veteran-, LGBTQ, Latinx, Asian Pacific Islander, Black, and Native American-owned investment managers who can guide investments made by insurers …

California Appoints Curriculum and Insurance Guarantee Board Members

California Insurance Commissioner Ricardo Lara announced the newest members of the California Department of Insurance’s Curriculum Board and the California Insurance Guarantee Association’s Board of Governors. The Curriculum Board oversees the development of pre-licensing and continuing education curriculum for agents …