Around the PIA Western Alliance States – Week of August 26, 2024

California — Lara Makes Board Appointments: Insurance Commissioner Ricardo Lara announced several appointments to help drive forward the Department of Insurance’s mission to protect California consumers. These appointments include naming Timothy Hyamn as the newest member of the California Insurance Guarantee Advisory (CIGA) Board of Directors, Bryan Little as the newest member of the Workers’ Compensation Insurance Rating Bureau (WCIRB) Governing Committee, Michael Golden and Nona Tirre Mirande as reappointed members to the California Automobile Assigned Risk Plan (CAARP) Advisory Board, and Ophir Bruck, Stephanie Chan, and Thomas Connell Wilson as reappointed members to the California Organized Investment Network (COIN) Advisory Board.

“I am pleased to announce these new appointments to the CIGA Board of Directors and WCIRB Governing Committee, and these reappointments to the CAARP Advisory Board and COIN Advisory Board,” said Commissioner Lara. “I have every confidence that these new, and returning, members will act in the best interest of all Californians. The advice and diverse perspectives of these appointees are critical to continuing our efforts to protect consumers across our state and ensure a robust insurance marketplace in California.”

The Governor and California State Legislature created CAARP to provide auto insurance for motorists unable to obtain coverage in the private market due to their driving records or other extraordinary circumstances. One program within the plan -- the California Low Cost Auto Program -- aims to provide affordable liability insurance to income-eligible good drivers by assigning them to private insurers based upon the companies’ share of the auto insurance market. The CAARP Advisory Committee provides policy advice to Commissioner Lara on matters affecting the operation of its programs.

The CIGA Board of Governors oversees the guarantee association’s general operations and management in order to protect policyholders in the event of an insurance company insolvency. Established in 1969 by the Governor and California State Legislature, CIGA comprises all insurance companies admitted to sell homeowners, workers’ compensation, automobile, and other specified property and casualty lines of insurance in California.

The California Organized Investment Network (COIN) was established in 1996 within the Department of Insurance to guide insurers on making financially sound investments that yield environmental benefits throughout California and social benefits within the State’s underserved communities. Commissioner Lara has prioritized COIN investments which drive affordable housing, support small businesses, combat climate change, and encourage investors to utilize diverse investment managers more. The COIN Advisory Board provides guidance to the Commissioner and the COIN program to meet its mission and chief priorities.

The WCIRB Governing Committee sets policy, oversees WCIRB management, and reviews all issues involving pure premium rates, classifications, rating plans, rating systems, manual rules and policy, and endorsement forms. The WCIRB is a private organization licensed by the Department for the purpose of collecting, analyzing, and compiling rating data, with funding coming from assessments of its insurance company members. All workers’ compensation insurance companies in California are required by law to be members of the WCIRB. 

The next CAARP Advisory Committee meeting is August 20 and August 21, 2024, the next CIGA Board of Governors meeting is August 13 and August 14, 2024, the next COIN Advisory Board meeting is November 7, 2024, and the next WCIRB Governing Committee meeting is September 25, 2024.

More details are available at: www.insurance.ca.gov/boards. Public members of the CAARP Advisory Committee receive $250 per meeting. All other positions are uncompensated.

Oregon — Oregon Division of Financial Regulation to give out up to $125,000 in sponsorship awards to boost financial empowerment: The Oregon Division of Financial Regulation (DFR) has announced its third annual Statewide Outreach Sponsorship Program for organizations that engage in financial empowerment work. The program will award sponsorships of $25,000 to up to five organizations for one-year contracts.

Organizations can attend a free information session through Zoom on Thursday, Sept 5. at 3 p.m. or Friday, Sept. 6 at 10 a.m. to learn more about the program. For those not able to attend, the session's slide deck will be made available on DFR's website after the session. Go to DFR’s community engagement and consumer education page for more information. The Zoom link for the information sessions will be provided on that page when it is available.

The goal of the sponsorship program is to collaborate with trusted community partners in delivering financial education to consumers in underserved communities. The program will help empower consumers to make decisions about insurance and other financial services that are best for them and raise awareness of free services and resources offered by DFR.

The cost of insurance is often one of the biggest expenses for people, yet national studies show that they do not understand insurance and are not confident to shop around for the best coverage at the best price. People are more confident and understand insurance better when they can turn to an expert for information.

“The first two years of the program has been extremely successful,” DFR Administrator TK Keen said. “As we go into the third year of this program, we want to continue to expand our reach to more people so they can build their skills and confidence to manage money and choose insurance and financial products and services that meet their needs.”

Preference will be given to nonprofits, public schools, public charter schools, and tribal entities currently conducting financial empowerment work in Oregon. Solicitation materials are available on the DFR website. Proposals are due Sept. 27. Organizations will be evaluated on their ability to help underserved communities, including African Americans; Latino, Latina, and Latinx people; Native Americans; Asians and Pacific Islanders; other people of color; women; LGBTQ+ people; survivors of domestic violence; immigrants and refugees; youth who are underserved; previously incarcerated people; people with disabilities; and seniors.