The executive order lays out a series of directives for Commissioner of Insurance Ricardo Lara:
1. To expand the range of coverage options available to consumers, with a particular focus on underserved areas, while ensuring the long-term availability of homeowners and commercial property insurance.
2. To enhance the efficiency and transparency of the rate approval process, with a specific emphasis on fostering a competitive and robust insurance marketplace.
3. To ensure the financial stability of the FAIR Plan, safeguarding existing policyholders and promoting resilience in the face of climate change.
4. To instruct the Department of Finance to collaborate with the California Department of Insurance in supporting the rulemaking process and expediting the implementation of potential regulations.
California voters originally implemented Proposition 103 in 1988, which established a comprehensive set of consumer-centric safeguards governing insurance rates within the state. These unique protections, coupled with recent rapid shifts in the climate, have led to noteworthy instances of major insurers either exiting the state or suspending the acceptance of new customers. As a result, there has been consideration of altering insurance regulations to attract customers who might otherwise remain uninsured.
Guide to Workers’ Compensation Insurance Chapter 16: Workers’ Compensation – What to Expect in 2025
The landscape of workers’ compensation is rapidly changing as new technologies, regulatory shifts, and workforce trends shape the way employers approach employee safety and support. …
Guide to Workers’ Compensation Insurance Chapter 15: Workers’ Compensation and Employee Rights
Understanding workers’ compensation goes beyond just knowing what is covered — it also involves recognizing employee rights. Ensuring that employees are protected and informed about …
Guide to Workers’ Compensation Insurance Chapter 13: Workers’ Compensation and Occupational Diseases
Occupational diseases—long-term illnesses and conditions caused by specific work environments or tasks—pose unique challenges in workers’ compensation insurance. This chapter addresses coverage for work-related illnesses, …
Guide to Workers’ Compensation Insurance Chapter 14: How to Choose the Right Workers’ Compensation Insurance Policy
Selecting the right workers’ compensation insurance policy is essential for protecting both your business and your employees. This chapter will guide you through evaluating your …
Guide to Workers’ Compensation Insurance Chapter 12: Understanding Workers’ Compensation Insurance Audits
Workers’ compensation audits are essential for ensuring accurate premium calculations and compliance with policy requirements. This chapter outlines the purpose and process of audits, common …
Guide to Workers’ Compensation Insurance Chapter 11: Innovations and the Future of Workers’ Compensation Insurance
Workers’ compensation insurance is undergoing significant changes, driven by technological advancements, shifts in workforce dynamics, and emerging risks. This chapter explores how these factors shape …