California insurance commissioner meets privately with State Farm, hopes to make rate hike decision within 2 weeks
Ricardo Lara said he will look at information provided by State Farm before revisiting his previous decision to reject the company’s emergency rate hike.
California reconsiders State Farm rate hike as insurer’s losses rise
State Farm General requested a 22% emergency rate hike in California to cover losses from the Los Angeles County wildfires and stop its “financial deterioration.” Lara declined the request, and asked that Krause and other company officials to meet with him to answer questions about why higher rates were needed.
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State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amounts to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
State Farm threatens to drop more policies if California's Lara rejects rate hike
State Farm executives made it clear that if the California Department of Insurance does not approve the increases, the insurer may move forward with dropping even more policies, reducing coverage across the state.
California insurance regulators urge State Farm to expand coverage in exchange for rate hikes
Earlier this month, State Farm — the state’s largest home insurance provider — asked the California Department of Insurance to approve statewide rate increases averaging 22% for homeowners. It also requested a 15% increase for renters and condo owners and a 33% hike for rental owners.
California to consider State Farm emergency rate increase request
Commissioner Ricardo Lara had asked for the meeting in which he and Consumer Watchdog will sit down with State Farm reps in Oakland.
State Farm's emergency request to raise California rates still up in the air
California’s Insurance Commissioner has not decided whether he will approve State Farm’s emergency interim request to increase insurance rates.
State Farm’s CEO just met with California’s top insurance official. Here’s exactly what they said
State Farm has given Insurance Commissioner Ricardo Lara a stark choice: approve a rate increase consumer advocates say amount to $600 per household, or run the risk that California’s largest insurer may drop even more policies across the state.
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Moratorium to Protect Wildfire Survivors from Insurance Cancellations and Non-Renewals
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State’s commissioner juggles often-conflicting goals of protecting homeowners and stabilizing the insurance market.
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Senator Valladares Announces Hughes Fire-impacted Residents To Receive Home Insurance Reprieve
Tuesday, at the urging of Senator Suzette Martinez Valladares, R-, California Insurance Commissioner Ricardo Lara extended a ...