Newsom's plan to accelerate rate hikes invites insurance companies to set their own prices,' advocacy group contends

Newsom's plan would impose a hard 120-day deadline for the state Department of Insurance to approve or deny insurance companies' applications to raise premiums, potentially costing consumers billions in savings.

Consumer advocates argue that the quick decision timeframe could hinder effective consumer input, challenging rate hikes, and reducing oversight, thus impacting California consumers' savings.

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