Vote Cancelled on Commissioner Lara’s “Creative” Wildfire Insurance Bill After Dept. of Finance, Consumer Advocates Expose It As Unnecessary Taxpayer Boondoggle
The state
"SB 290 went around the existing checks and balances with the promise that a consultation with the insurance commissioner would be enough to guarantee legitimacy. But we can't just take the insurance commissioner's word that companies will do the right thing. Insurance companies can't be trusted to deal any more fairly with taxpayers than they do with other policyholders without a public process of oversight," said
With Insurance Commissioner Lara's stamp of approval, SB 290 unanimously passed the
Consumer Watchdog said taxpayers dodged a bullet but would have to remain vigilant to ensure the bill does not return.
"SB 290 managed to fly under the radar because the Insurance Commissioner lent the prestige of his office to the insurance industry's cause. The
Read Consumer Watchdog's letter opposing SB 290: https://consumerwatchdog.org/sites/default/files/2019-08/LtrDoddSB290.pdf
Read the
The Assembly Appropriations Committee analysis said the bill "is not based on an analysis of the necessity or benefit of reinsurance for the state," that it allows for the purchase of reinsurance "without robust reporting, analytical or oversight requirements," and that, "it is not necessary to grant continuous appropriation authority with minimal oversight for such expenditures."
Read the committee analysis: https://consumerwatchdog.org/sites/default/files/2019-08/Assembly%20Committee%20on%20Appropriations%208%3A13.pdf
In a closed-door speech to insurance industry lawyers two weeks ago, Lara said: "So, I want to thank you for being one of the first organizations to support SB 290 and look forward to continue to partner with you to ensure the bill moves forward to the Governor's desk and ultimately to obtain his signature. I'm ready to get creative, just like all of you have been for so many years, and now you have somebody that's receptive to that in the Department."
Watch the speech: https://www.youtube.com/watch?v=MsvBWrRcaGQ
View original content to download multimedia:http://www.prnewswire.com/news-releases/vote-cancelled-on-commissioner-laras-creative-wildfire-insurance-bill-after-dept-of-finance-consumer-advocates-expose-it-as-unnecessary-taxpayer-boondoggle-300902068.html
SOURCE Consumer Watchdog
Harvard Pilgrim and Tufts Health Plan announce plans to merge
Linden man runs stop sign in fog, causing rollover crash that injures 2, police say
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News