image credit: Pxhere

Insurance commissioner called out over rate moratorium

October 14, 2022

An insurance agency association is calling for California Insurance Commissioner Ricardo Lara to reconsider his moratorium on auto insurance rate filings, as the group claims that the measure has severely limited options for consumers in the state.

“Commissioner Lara’s Rate Moratorium and his refusal to process automobile insurance rate filings is reducing options for California consumers and making their lives more difficult,” said American Agents Alliance executive director Michael D’Arelli in an open letter. “To be clear, no one wants higher insurance premiums, however insurers can only continue serving consumers if auto insurance rates reflect the real costs borne by insurers.”

Read More on Insurance Business