California — Department Reforms to Go Along with Regulatory Reforms

California Insurance Commissioner Ricardo Lara is overhauling the business of insurance rate increases in California. His proposals are the first significant changes in 30 years.

As part of the effort to streamline regulations, and get insurers the rate hikes they need quicker, Lara is beefing up his department. That means hiring more staff, promoting some staff members to higher, and more important positions, and bringing in outside consultants.

The point is to increase the speed of those rate increase requests.

AM Best said last week the California Department of Insurance posted over 20 job openings. Right now they’re looking for analysts, information technology specialists and investigators.

A lot of those jobs will be filled by current staff. Department spokesman, Michael Soller said the commissioner wants to keep as much institutional knowledge and expertise as possible. This is critical to the performance of important, and often critical, tasks and to help train those who are hired for the new positions.

Source link: Insurance Business America — https://bit.ly/3ADTKcr