California Insurance Commissioner Race Attracts A Crowd

San Diego area insurance agency owner Teri Barnes announced Monday that she is running for California insurance commissioner.

Insurance Commissioner Ricardo Lara faces a June 7 primary challenge from fellow Democrat Marc Levine, a Marin County assemblyman. Former Commissioner Steve Poizner, beaten by Lara in 2018, is also reportedly considering another campaign.

Barnes said she is running as an independent. She put out a press release Monday in which she expressed concern about the "rising cost and bureaucracy of living and owning a business in this state."

Barnes said she decided to throw her hat in the race after delivering bad news of cancellations from insurance companies who are withdrawing from writing business in California.

"Californians are suffering; they can’t find replacement coverage at affordable cost. Of course, this is partly due to the wildfires and brush zone remapping. We are also seeing shocking increases in Liability, Errors & Omissions, and Directors & Officers pricing as a result of California's legal climate of; high frequency and severity of litigation, settlements and claims costs," the news release states.

As insurance commissioner, Barnes said she "will work to improve competition in California's insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance." As a regulator, Barnes vowed to "enforce the laws that provide a fair and stable marketplace and make certain that insurers comply with the laws in place protecting policyholders."

This report compiled by InsuranceNewsNet staff.