L.A. wildfires up the pressure on California’s insurance commissioner
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Insurance Commissioner Ricardo Lara has been grappling with the troubled market for his six years in office, and now his controversial plan to reform it will be put to the test after the costliest wildfires in the state’s history.
Lara’s plan to make homeowners insurance more available gives insurers financial and policy concessions in exchange for a pledge to write more policies in risky neighborhoods.
But consumer groups and others say the commissioner is too close to the insurance industry. Lara disputes the claim and argues that he does not have power to force insurers to write policies.
Lara’s plan to make homeowners insurance more available gives insurers financial and policy concessions in exchange for a pledge to write more policies in risky neighborhoods.
But consumer groups and others say the commissioner is too close to the insurance industry. Lara disputes the claim and argues that he does not have power to force insurers to write policies.
