California Insurance Commissioner Ricardo Lara has announced revisions to the state’s rate review process, introducing a “data reconciliation tool” aimed at ensuring insurance carriers submit thorough filings. This initiative is designed to minimize delays often caused by incomplete submissions, which have historically prolonged the approval process by weeks or even months. The initiative has received support from the American Property Casualty Insurance Association, which cites these delays as contributing to the ongoing insurance crisis in California. The tool is in the early stages of development, with completion expected by 2025, and aims to enhance transparency and accountability in the filing process.
