American Property Casualty Insurance: Streamlining Rate Review Process is Critical to Fixing the California Insurance Crisis

SACRAMENTO, California, March 29 -- The American Property Casualty Insurance Association issued the following statement on March 28, 2024:

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The following statement from the American Property Casualty Insurance Association (APCIA) is in response to the California Department of Insurance Complete Rate Application regulations hearing held on March 26, 2024. This statement can be attributed to Denni Ritter, APCIA vice president for state government relations.

"We appreciate the Commissioner prioritizing rate review reforms as a component of his Sustainable Insurance Strategy and urge the California Department of Insurance to take immediate action to streamline the outdated rate review process. Unfortunately, rather than speeding things up, the proposed Complete Rate Application regulations would prolong the rate review process even further. Ensuring that adequate rates are approved in a timely manner is critical to restoring balance and availability back into the market. We look forward to working with the Department to address these concerns and enact reforms that will streamline rate reviews and protect consumer access to coverage.

"A national carrier's recent announcement to non-renew 72,000 policies is yet another example of why we desperately need to reform California's failing regulatory system. More than half of the state's top 15 insurers have already been forced to restrict access to new policies or exit the state entirely. Californians cannot afford to see this continuous exodus of insurers from the marketplace which has left millions of families at risk of losing the insurance necessary to protect their homes, vehicles, and small businesses."

The American Property Casualty Insurance Association (APCIA) is the primary national trade association for home, auto, and business insurers. APCIA promotes and protects the viability of private competition for the benefit of consumers and insurers, with a legacy dating back 150 years. APCIA members represent all sizes, structures, and regions--protecting families, communities, and businesses in the U.S. and across the globe.

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Original text here: https://www.apci.org/media/news-releases/release/79541/