California Insurance Commissioner Ricardo Lara has declined State Farm's request for emergency rate increases, which would average 22% for homeowners, amid rising wildfire claims. Despite recommendations from staff experts to approve the request, Lara insists that more information is necessary to ensure policyholders are not unfairly burdened with higher rates. He has called for an informal conference with State Farm executives to discuss financial accountability and the rationale behind their rate increase proposal, emphasizing his duty to protect California residents under challenging wildfire conditions.
"The burden is on State Farm to demonstrate that interim relief is warranted under the circumstances. My goal is to ensure policyholders do not pay more than necessary."
"State Farm's customers need real answers about why they are being asked to pay more and what responsibility the company's leadership is taking to get its financial house in order."
Collection
[
|
...
]