Insurance
Aug. 22, 2024
California insurance rate reforms: streamlining approvals or creating confusion?
California's Insurance Department has proposed streamlining property and casualty rate approvals. Public feedback is mixed, with consumer groups pushing for greater transparency on rate filings and catastrophe models.
Michael Rosenfield
Partner, Sidley Austin LLP
Shutterstock
In an effort to streamline the property and casualty rate approval process, the California Department of Insurance (CDI) has proposed Regulation 2019-00025 to amend California Code of Regulations, Title 10, §§ 2643.3, 2644.27 and 2648.1, .2 and .4 (the proposed amendments). The CDI noted that the proposed amendments are intended to:
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