A bill backed by Gov. Newsom to grant home insurers faster rate hikes to keep them from fleeing California could lead to excessive increases, a consumer group says.
A bill backed by Gov. Gavin Newsom that is intended to halt more exits from California's troubled homeowners insurance market by speeding up reviews of proposed rate hikes drew sharp criticism Wednesday from an influential consumer group. The administration this week released the draft of a bill Newsom proposed this month that he said would limit the review process of proposed rate hikes to 60 days.
California's Constitution requires the spending document to be enacted by June 15, though so-called 'trailer bills' such as the insurance proposal can be enacted later. Newsom is seeking to speed adoption amid a wave of insurer pullbacks from the market, including State Farm's decision not to renew 72,000 policies. Balber criticized the language that specifies how the insurance department can seek more time to review proposed rate hikes that are less than 7%.
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