Author of Insurance Reform Prop 103 Says Its Protections Critical to Stopping Insurance Industry's Unjustified Rate Increases and Nonrenewals for Residential Coverage
Retrieved on:
Wednesday, May 10, 2023
Commissioner, Insurance, CFA, Wildfire, Policy, Fire, Multimedia, Proposition 103, Consumer Watchdog, National Association of Insurance Commissioners, Thomas Edison, Condo, Recruit, Climate change, Documentation, California Insurance Commissioner, Capitol, Consumer Federation of America, National Association, PG&E, Book, Insurance commissioner, Legislation, Ridesharing, Renewable energy, Property management
SACRAMENTO, Calif., May 10, 2023 /PRNewswire/ -- Thirty-five years after California voters passed Proposition 103 to protect themselves against skyrocketing insurance rates, insurance companies' refusals to insure, and other abuses that destabilized California's economy, its author will testify before the Senate Insurance Committee today on how Proposition 103 addresses the similar crisis in home, condo and renters insurance today – and what more can be done.
Key Points:
- Rosenfield will reject the insurance industry's campaign to blame Proposition 103, and climate change, for companies' misconduct in the marketplace.
- Require insurance companies to sell insurance to all residential property owners in California who meet state fire-mitigation guidelines.
- Initiate a public investigation of whether the insurance industry is evading Proposition 103 when it sells insurance to condo associations.
- Recruit and deploy more agency staff to ensure that rate applications and insurance companies' practices are closely reviewed as required by Proposition 103.