In February, California's insurance regulation faced scrutiny as the FAIR Plan's provisions could impose significant assessments on homeowners, costing them potentially billions post-wildfires. Consumers are shielded from full costs meant to be shared by insurance companies, with new temporary fees under contention. Consumer Watchdog argues this structure is unjust, allowing insurers to pass costs to homeowners without limits, undermining public input and potentially violating administrative procedures. Their legal action seeks to restrict the commissioner's authority in making such assessments, which they believe injustice home insurers at the expense of California residents.
The recent decision allows insurance companies a significant profit post-wildfires, while Californians face rising costs without adequate public input or limits on future assessments.
Consumer Watchdog's Ryan Mellino criticized the approval of supplemental fees, stating that it is fundamentally unjustified as homeowners bear the financial burden of assessments.
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