California Insurance Commissioner Lara Expedites Rate Review Process to Attract Property Insurers Amid Wildfire Crisis.

California Insurance Commissioner Ricardo Lara has issued an administrative order to speed up his department’s review of insurers’ rate requests, reversing plans to have these changes approved through the California state Legislature and Gov. Gavin Newsom. This move comes amid a series of proposals by Lara to entice property insurers fleeing wildfire losses back to the state. The move is seen as a move by voters unable to find coverage due to political pressure. Lara issued a bulletin under his existing regulatory authority to keep the Insurance Department’s review of insurance rate requests to a stricter timeline, which mirrors a legislative proposal the Newsom administration suggested in May that would limit their ability to intervene.