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Proposition 103, titled Insurance Rate Reduction and Reform Act, was a California ballot proposition voted on in the 1988 California General Election. It passed with 51% of the vote on November 8, 1988. [1] Proposition 103 expanded the regulatory capacities of the California Department of Insurance, especially in property and casualty insurance.
The insurance business of the Exchange and its subsidiary insurance companies is managed, by contract, by California Casualty Management Company, a separate and independent company. The relationship between California Casualty Management Company and the Exchange has been in place since the founding of the Exchange in 1914.
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.
Like standard home insurance, California FAIR Plan premiums vary based on a number of rating factors. This includes the location, age and condition of the home, proximity to a fire station, the ...
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.
A State Farm insurance company sign sits amid the rubble of a building destroyed by the Palisades Fire on Sunset Boulevard in the Pacific Palisades neighborhood of Los Angeles on January 16, 2025.
Federated Mutual Insurance Company (Federated) is an American insurance company that is the direct writer of property and casualty insurance products with headquarters in Owatonna, Minnesota. As of 2019 [update] , the Company had approximately 2,600 employees and operated in 48 states, with several service offices located throughout the country.
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.
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