California’s Insurance Commissioner Race

California State Sen. Ben Allen and Jane Kim, a former San Francisco Supervisor are running for the state’s insurance commissioner. They’ll be replacing Commissioner Ricardo Lara.

As you know, California has huge insurance challenges. How the two candidates will handle those challenges are as different as night and day.

With insurers leaving, and threatening to leave, and serious funding issues for the California FAIR Plan, the homeowners market is a mess. Allen wants to beef up the private insurance market with wildfire mitigation and changes in regulations to keep insurers in California.

Kim has the state taking a bigger role in insurance. She wants to create a program owned by the public called Disaster Insurance for All to take care of catastrophic losses.

The public radio station, CapRadio interviewed both candidates. California agents, company representatives, insurance groups and others interested can see the stories CapRadio posted and you can listen to the interviews of the two candidates.The links are below.

Ben Allen — https://bit.ly/3TXoAH2

Jane Kim — https://bit.ly/47PiaNl

A report from the news company, CalMatters looked at the money being spent to elect a new insurance commissioner in California. Both candidates have adamantly stated they would not take insurance company dollars for their campaigns.

The news firm said some dollars slipped through to Allen’s campaign. He told CalMatters he didn’t ask for the money and doesn’t welcome the donations.

Kim isn’t surprised.

“The contributions that come in are a reflection of what the (insurance) industry believes is the best outcome for them,” she said. “These contributions are an investment in him and themselves, not for consumers.”

The $6 million given to the candidates from PACs is a record for the office. A huge percentage of that $6 million has gone to Allen. Here’s a quick look at the largest donors.

Californians for an Affordable Future: $2.1 million. Primarily funded by billionaire Chris Larsen who made his fortune on crypto. All of the money went to back Ben Allen.

JOBSPAC: $1.51 million. Sponsored by the California Chamber of Commerce. The chamber spent 26% of its outside spending on Ben Allen.

California Working Families Party: $607,000. Jane Kim is its former executive director and 68% of its outside spending went to her campaign.

Coalition for Homeowners Insurance Reform: $450,000. Funded by the California Association of Realtors and PG&E. All of its outside spending this year went to Ben Allen's campaign.

Right Path California: $437,000. The California Business Roundtable sponsors this group and 38% of its outside spending went to Ben Allen.

Californians for Affordable Insurance: $254,000. Crypto billionaire Chris Larsen is the primary funder of this organization. All of its outside spending this year went to Ben Allen's campaign.

Overall, the PACs have spent $3.2 million to support Allen. Kim’s campaign has gotten $1.5 million.

Source link: CalMatters — https://bit.ly/3UfG9SJ

Source link: CapRadio — https://bit.ly/4sry7CR