California's insurance commissioner ordered nearly 50 auto insurers to provide detailed information on Thursday about their claim costs during the pandemic.
The order is Commissioner Ricardo Lara's second attempt to compensate consumers he says were overcharged as traffic virtually disappeared when the nation's largest insurance market imposed the first U.S. coronavirus stay-home order."With this letter, every insurance company is on notice to give us data so we can tell them what they owe consumers," said Deputy Insurance Commissioner Michael Soller.
"We are concerned about the effect that CDI's inaction is having on the auto insurance market and California drivers," said Denni Ritter, vice president for state government relations for the American Property Casualty Insurance Association. Several major companies have said they are cutting back their California marketing or operations, with the CEOs of Progressive and Kemper last month tying their decisions to Lara's failure to consider rate increases.
The companies say Lara can't force the additional refunds he says are still owed consumers, because of a 2021 appellate court decision that he says they are interpreting too broadly. Lara's demand letter is his latest effort to try to incorporate insurers' earlier profits into their current rate increase requests.
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