"This is a real crisis," said Insurance Commissioner Ricardo Lara, who spoke with Eyewitness News.Insurance Commissioner Ricardo Lara said he wants to look at the company's finances, but says it's a delicate balance to keep them in California.After State Farm announced it will not renew more than 70,000 insurance policies in California over the next year, the state's insurance commissioner is speaking out.
Carmen Balber with Consumer Watchdog, an organization that's been critical of Lara as he tries to deal with insurance companies, has been keeping a close eye on the latest developments.The group feels there needs to be new laws. Lara said his plan also involves changing the models insurance companies use to better assess risk and to lower rates for those who protect their homes.
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