California is at the epicenter of an unprecedented insurance crisis. Regulations surrounding insurance in California have disintegrated, leaving both insurance agents and consumers struggling to secure homeowners and auto policies. This crisis is the result of various factors; Commissioner Lara’s rate moratorium playing an instrumental role.
Insurance companies view the rate-making process as hostile and weaponized. Due to a resulting uncertain regulatory future, many are unwilling to invest in California due to financial risk considerations; instead opting instead to focus their resources in states with more favorable conditions, leaving California’s market vulnerable for further decline.
Agents and brokers have also been alarmed by the crisis as they attempt to build businesses and serve clients under uncertain and unstable conditions. To combat it, American Agents Alliance has taken several initiatives – one being engaging directly with California insurance commissioner Ricardo Lara to urge him to lift his rate moratorium.
American Agents Alliance, in an attempt to find fair and balanced solutions for the insurance industry, has assembled an esteemed panel of experts that will shed light on California’s regulatory environment for insurance professionals as they navigate successfully through this crisis. This expert panel will appear at their 2023 Conference and Expo scheduled for September.
Michael D’Arelli, Executive Director of American Agents Alliance, noted that current regulatory practices employed by California Department of Insurance have had an adverse impact on California’s insurance market and requires immediate attention from policymakers, regulators, and insurers working together. To assist with finding effective ways through it all, today’s top experts were brought together in an attempt to tackle resistances against balanced regulations presented by current systems – in order to help guide California into an improved future.” “We strongly urge everyone interested to attend;
Register now for the 2023 American Agents Conference and Expo!