Indianapolis — California insurance consumers and the state’s economy could be severely harmed if proposed changes are made to the state’s insurance rate approval structure. That was the message delivered in written comments to California insurance officials last week by the National Association of Mutual Insurance Companies (NAMIC), Indianapolis.
NAMIC, in conjunction with its domestic insurer state advocacy partners, the Pacific Association of Domestic Insurance Companies, submitted comments to the California Department of Insurance opposing proposed amendments to the Prior Approval of Rates Regulation. NAMIC has 106 member insurance carriers writing business in California—approximately 23% of the property/casualty insurance business in the state.
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