Insurers' criticism continues to mount against California Insurance Commissioner John Garamendi's proposed regulations for determining auto insurance rates.
The National Association of Mutual Insurance Companies today announced opposition to the proposed regulations, which would effectively limit the weight given to the location where a car is garaged when an insurer determines a customer's premiums.
“The commissioner's new rate regulations are inherently incompatible with the very concept of insurance underwriting, which was founded upon the basic tenet that a consumer's insurance premium should be correlated to the frequency and severity of his or her potential risk of loss exposure,” said Christian John Rataj, NAMIC's Western States Affairs Manager.
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