California's Insurance Commissioner Riccardo Lara announced a revolutionary plan aimed at fixing the state's insurance crisis, claiming it to be the most extensive reform in 30 years.
While Lara's proposed regulations aim for comprehensive reforms, consumer advocates emphasize the presence of significant loopholes that could ultimately harm consumers seeking reliable insurance.
Harvey Rosenfield, founder of Consumer Watchdog, accused Commissioner Lara of misleading the public and highlighted a concerning loophole regarding insurance sales in fire-prone areas.
Rosenfield criticized the legislation for allowing minimal compliance, suggesting that while companies should sell 85% of policies in fire-prone areas, they can technically sell as little as 5%.
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