As Drafted, Insurance Commissioner's Proposed Rules for Insurance Catastrophe Models Preserve Secrecy of Black Box Models
LOS ANGELES, March 14, 2024 /PRNewswire/ -- Consumer Watchdog issued the following statement about the proposed catastrophe modeling rules released by Insurance Commissioner Ricardo Lara today.
- LOS ANGELES, March 14, 2024 /PRNewswire/ -- Consumer Watchdog issued the following statement about the proposed catastrophe modeling rules released by Insurance Commissioner Ricardo Lara today.
- "Black box catastrophe models are notoriously contradictory and unreliable, which is why public review and transparency are key before insurance companies are allowed to use them to raise rates.
- Commissioner Lara's proposed rule appears drafted to limit the information available to the public about the impact of models on rates in violation of Proposition 103.
- Read Consumer Watchdog's testimony before the July and September 2023 catastrophe modeling workshops at the Department of Insurance.