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But, it retains state regulatory jurisdiction regarding: (1) consumer protection and market conduct, and (2) state disciplinary authority. [5] The bill would require the NARAB to: (1) receive and investigate consumer complaints, maintaining a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. [5]
Answers public questions and complaints regarding the insurance industry. Enforces the laws of the California Insurance Code and adopts regulations to implement the laws. The mission is to ensure vibrant markets where insurers keep their promises and the health and economic security of individuals, families, and businesses are protected.
Between 2020 and 2022, insurance companies declined to renew 2.8 million homeowner policies in the state, according to the most recent data from the California Department of Insurance.
Between 2020 and 2022, insurers canceled 2.8 million home coverage policies in the state.
Its budget is primarily derived from funds generated by license fees, assessments, and Proposition 103 recoupment fees. The CDI licenses over 1,500 insurance companies and more than 320,000 insurance agents and insurance brokers in the state of California, United States. The current California Insurance Commissioner is Ricardo Lara.
California’s wildfire season isn’t just destroying homes and lives — it’s threatening the stability of the U.S. insurance market. With billions in damages and debates over insurance ...
NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization.
The commissioner’s office said the requirement will be limited to California, so in-state consumers will not be on the hook for the insurance costs of other high-risk areas, like the Gulf Coast.